PBOC sets USD/ CNY reference rate for today at 7.1506 (vs. estimate at 7.1626)

July 7, 2025
-FXnews, US Dollar

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 People’s Bank of China sets yuan mid-point at strongest level since November 8, 2024 for the CNY

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