PBOC sets USD/ CNY central rate at 7.0006 (vs. estimate at 6.9576)

The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a "band," around a central reference rate, or "midpoint." It's currently at +/- 2%.

Previous close was 6.9640

PBOC injects 324bn yuan, 7-day reverse repos, unchanged rate 1.4%.

Earlier:

• PBOC set 5- and 1-year LPR rates unchanged, 3.5% and 3.0% respectively. As expected.