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%.
7.1029 is the strongest for CNY since November 6.
Previous close was 7.1324
more to come
PBOC injected 191.5bn yuan via 7-day reverse repos at 1.40%
- net 8.8bn yuan drain
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Earlier:
- China eyes offshore RMB stablecoin to accelerate yuan internationalization
- China to reopen bond market to Russian energy firms amid deepening ties
Still to come:
- Economic calendar in Asia Monday, September 8, 2025 - Chinese trade data
