People’s Bank of China sets USD/CNY reference rate at 6.7162

The People’s Bank of China (PBOC) has set the daily USD/CNY reference rate at 6.7162. This figure was higher than the Reuters estimate of 6.6691.

Under China’s managed floating exchange rate system, the yuan is permitted to trade within a 2% band around this central midpoint. The daily fixing is determined by various factors, including previous closing prices, international foreign exchange conditions, and domestic economic considerations such as capital flows and financial stability.

In addition to the currency fixing, the PBOC injected 398 billion yuan through overnight reverse repos and 56 billion yuan through 7-day reverse repos at a rate of 1.4%.