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 7.2880

PBoC injects 38.2bn yuan via 7-Day Reverse Repos at 1.5%

• 381.5bn mature today
• net drains 343.3bn yuan in Open Market Operations

more to come

This article was written by Eamonn Sheridan at www.forexlive.com.