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%.
PBOC set the mid-point at the strongest level (for CNY, ie lowest for USD/CNY) since November 8, 2024
Previous close was 7.1772
PBOC injected 406.5bn yuan via 7-day reverse repos at 1.40%
- 197.3bn yuan mature today
- net injection is 209.2bn yuan
