PBOC sets USD/ CNY reference rate for today at 7.0602 (vs. estimate at 7.0444)

December 16, 2025
-FXnews

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%.

Retail sales, a key gauge of household demand, decelerated more sharply, rising just 1.3%, down from 2.9% the previous month and well below forecasts.

The figures reinforce signs that China’s recovery remains uneven and heavily reliant on the supply side: Evidence of fragile consumption continues to mount. Passenger car sales slumped 8.5% in November, the steepest decline in ten months, while the extended Singles’ Day online shopping festival failed to generate the usual boost in spending.

Yesterday’s close at 7.0482 was reflective of the sustained RMB bid.

more to come

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China operates a managed floating exchange rate system, under which the renminbi (yuan) is allowed to trade within a prescribed band around a central reference rate, or midpoint, set each trading day by the PBOC. The current trading band permits the currency to move plus or minus 2% from the official midpoint during onshore trading hours.

Each morning, the PBOC determines the midpoint based on a range of inputs. These include the previous day’s closing price, movements in major currencies, particularly the US dollar, broader international FX conditions, and domestic economic considerations such as capital flows, growth momentum and financial stability objectives

PBOC sets USD/ CNY reference rate for today at 7.0602 (vs. estimate at 7.0444)

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