PBOC sets USD/ CNY central rate at 7.1108 (vs. estimate at 7.1559)

PBOC sets USD/ CNY central rate at 7.1108 (vs. estimate at 7.1559)

• 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 modelled estimate was 7.1559

The setting at 7.1108 is the strongest for CNY since November 6 last year.

more to come