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 PBOC ramping the yuan higher again. 7.0825 is the strongest reference rate setting for CNY since October 14 last year.
The previous close was 7.0965
PBOC injected 212.8bn yuan via 7-day reverse repos at an unchanged rate of 1.40%.
