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PBOC sets USD/ CNY reference rate for today at 7.1776 (vs. estimate at 7.2932)

The closing rate was 7.2990The 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% and some think it could widen to 3% this year.How the process works:Daily midpoint setting: Each morning, t... Read More

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Content Topics

Pboc

Sets

Usd

Reference

Rate

Today

1776

Vs

Estimate

7 1776

7 2932

Forex

Posted: Oct 12 2023, 01:15

Author Name: forexlive

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