People's Bank of China (PBOC) sets the USD/CNY mid-point reference rate for today at 6.3969
- Friday's rate was set at 6.3975
OK ... so very little change from Friday's fix
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USD/CNY is a 'managed float'
- The PBOC allows the rate to fluctuate plus or minus 2% from the daily reference rate
- Even though they 'allow' the rate to fluctuate +/- 2% it didn't stop them from intervening to support the yuan last week ... (I linked to this earlier .... "Major state banks are suspected of buying yuan whenever it nears 6.4")
