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 7.1414 setting is the highest (for CNY) since November 6 last year.
Previous close was 7.1695
PBOC injected 150.5bn yuan via 7-day reverse repos at 1.40%
- 520.1bn yuan mature today
- net 369.6bn drain yuan
more to come
