PBOC sets USD/ CNY central rate at 7.1030 (vs. estimate at 7.1274)

7 months ago 30

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PBOC CNY reference rate setting for the trading session ahead.

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 7.1306

PBOC sets the USD/CNY central rate at 7.1030, the strongest for the onshore yuan since November 6, 2024. Over the course of this month the Bank has raised the CNY mid-rate by 0.65%, the biggest shift since September 2024.

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