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People's Bank of China expected to set the USD/CNY reference rate at 7.1664 today

People's Bank of China USD/CNY reference rate is due around 0115 GMT.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% and some think it could widen to 3% this year. How the process wo... Read More

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7 1664

Forex

Posted: Aug 2 2023, 00:59

Author Name: forexlive

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