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
PBOC injects 78.3bn yuan at 1.40% via 7-day reverse repos
- Drains net 259bn yuan in today's open market operations
