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%.
People's Bank of China injects 405bn yuan via 7-day reverse repos at 1.5% in Open Market Operations (OMOs)
- 1087 bn yuan mature today (post-holiday impact)
- net drain of 682bn yuan
