Earlier:
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 was 7.0640
Today's mid rate set at 7.0640 is the strongest for CNY since 14 October 2024. The setting of the rate well above the expected level is a sign of the PBoC slowing the appreciation of the CNY, as discussed in that link above.
PBOC injected 180.8bn yuan via 7-day reverse repos at an unchanged rate of 1.40%.
