March 05, 2025 at 01:15AM
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%.
The previous close was 7.2608
PBoC injects 353.2bn yuan via 7-Day Reverse Repos at 1.5%
548.7bn mature today
net drains 195.5bn yuan in Open Market Operations
Earlier:
China says it’ll target 2025 economic growth ‘around 5%’
China says it’ll keep the yuan exchange rate basically stable
China’s finance ministry says it’ll step up the pace of fiscal spending
China has suspended soybean import licenses for three US firms and halted US log imports
China says it’ll reduce Reserve Requirement Ratio at appropriate time
This article was written by Eamonn Sheridan at www.forexlive.com.