PBOC sets USD/ CNY reference rate for today at 7.1535 (vs. estimate at 7.1688)

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 7.1717

PBOC injected 34bn yuan via 7-day reverse repos at 1.40%

• 525.9bn yuan mature today
• net drain is 491.9bn yuan

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