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PBOC sets USD/ CNY reference rate for today at 7.1289 (vs. estimate at 7.1282)

The previous close was 7.1225---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%.How the process works:Daily midpoint setting: Each morning, the PBOC sets a midpoint for the yuan agai... Read More

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Content Topics

Pboc

Sets

Usd

Reference

Rate

Today

1289

Vs

Estimate

7 1289

7 1282

Forex

Posted: Jun 16 2023, 01:15

Author Name: forexlive

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