PBOC sets USD/ CNY reference rate for today at 7.1064 (vs. estimate at 7.1390)

PBOC sets USD/ CNY reference rate for today at 7.1064 (vs. estimate at 7.1390)

• 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 7.1401

PBOC injected 188.3bn yuan via 7-day reverse repos at 1.40%

• net 594.6bn drain yuan

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Earlier news via the China Securities Journal:

• PBoC may inject reasonably ample liquidity into the money markets this month