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%.
Previous close was 7.1401
PBOC injected 188.3bn yuan via 7-day reverse repos at 1.40%
- net 594.6bn drain yuan
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Earlier news via the China Securities Journal:
- PBoC may inject reasonably ample liquidity into the money markets this month
Which is interesting news indeed. This week the Bank withdrew a net 1.2tln yuan from the banking system in open market operations, the biggest withdrawal in 2 months.
