PBOC sets USD/ CNY reference rate for today at 7.1188 (vs. estimate at 7.1670)

PBOC sets USD/ CNY reference rate for today at 7.1188 (vs. estimate at 7.1670)

• 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 7.1548

more to come