PBOC sets USD/ CNY mid-point today at 7.1108 (vs. estimate at 7.1476)

PBOC sets USD/ CNY mid-point today at 7.1108 (vs. estimate at 7.1476)

• 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%.

Previous close was 7.1390

PBOC injected 229.1bn yuan via 7-day reverse repos at 1.40%

• 379.9bn yuan mature today
• net drain is 150.8bn yuan