The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). 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%.
The previous close for the pair was 7.1074.
PBOC injects 310.5bn yuan at 1.40% via 7-day reverse repos
- net injections is 115bn yuan (after maturities today)
