The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a +/- 2% range, around a central reference rate, or "midpoint." The rate set under 7 today for the first time since May 2023.
Previous close 6.9545.
Injects 377.5bn yuan through 7-day reverse repos at 1.40%.
Earlier, impacting this rate set today:
