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11 clusters · 16 sources · 78 days · First seen · Last updated
PBOC USD/CNY exchange rate management
Overview
The People’s Bank of China (PBOC) continues to manage the USD/CNY reference rate through its managed floating exchange rate system. Following a midpoint of approximately 6.7379 on August 9, 2026, the PBOC set the central reference rate at 6.7878 on August 14. On August 21, the rate was set at 6.7817, deviating from a Reuters estimate of 6.7262. This was followed by a rate of 6.7841 on August 24, and 6.7852 on August 25, which was 633 pips below the Reuters consensus estimate, marking the largest weak-side deviation since February 27. On August 26, the rate was 6.7829, and on August 31, it was 6.7828.
In September, the PBOC set the rate at 6.7769 on September 9, and 6.7628 on September 16, which remained higher than the estimated rate of 6.7148. On September 22, the mid-point rate was approximately 6.7468, exceeding the estimate of 6.6971.
In October, the PBOC reported mid-point rates of 6.7192 and 6.7200 on October 20, both of which were higher than market estimates of 6.6779 and 6.6813, respectively. On October 26, the PBOC set the daily USD/CNY reference rate at 6.7162, which was higher than the Reuters estimate of 6.6691. Alongside this 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%.
Analysts have noted a pattern since late July where the PBOC has consistently fixed the midpoint above market expectations to moderate the yuan’s strength and protect export competitiveness.
Entities
People’s Bank of China · People's Bank of China · Pan Gongsheng · Nasdaq 100 · Nasdaq Composite
Timeline
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[BUSINESS] 2 sourcesPeople’s Bank of China sets USD/CNY reference rate at 6.7162
The People’s Bank of China set the USD/CNY reference rate at 6.7162, exceeding market estimates of 6.6691.
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[BUSINESS] 5 sourcesPBOC sets USD/CNY mid-point rate
The People's Bank of China set the USD/CNY mid-point rate at approximately 6.72, exceeding market estimates.
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[BUSINESS] 2 sourcesPBOC sets USD/CNY mid-point rate above estimates
The PBOC set the USD/CNY mid-point rate higher than estimates, while forex market discussions highlight the high-risk nature of using leverage in currency trading.
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[BUSINESS] 2 sourcesPBOC sets USD/CNY central rate at 6.7628
The People's Bank of China set the USD/CNY central rate at 6.7628, exceeding the estimate of 6.7148.
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[BUSINESS] 2 sourcesPeople’s Bank of China sets USD/CNY reference rate at 6.7769
The People’s Bank of China set the USD/CNY reference rate at 6.7769, signaling continued management of the yuan's exchange rate within its permitted trading band.
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[BUSINESS] 5 sourcesPeople’s Bank of China sets USD/CNY reference rate at 6.7828
The People’s Bank of China set the USD/CNY reference rate at 6.7828, up from the previous Friday's fix of 6.7811, signaling the central bank's ongoing management of the renminbi's exchange rate.
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[BUSINESS] 3 sourcesPeople’s Bank of China sets USD/CNY reference rate at 6.7829
The People’s Bank of China set the USD/CNY reference rate at 6.7829, continuing a pattern of fixing the yuan midpoint below market estimates to moderate recent currency appreciation.
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[BUSINESS] 3 sourcesPeople’s Bank of China sets USD/CNY reference rate at 6.7841
The People’s Bank of China set the USD/CNY reference rate at 6.7841, slightly higher than the previous fix of 6.7817, as part of its managed floating exchange rate system.
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[BUSINESS] 2 sourcesPeople’s Bank of China sets USD/CNY reference rate at 6.7817
The People’s Bank of China set the USD/CNY reference rate at 6.7817, compared to the previous day's 6.7808 and a Reuters estimate of 6.7262.
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[BUSINESS] 2 sourcesPeople’s Bank of China sets USD/CNY reference rate at 6.7878
The People’s Bank of China set the USD/CNY reference rate at 6.7878, compared to the previous day's 6.7888, as part of its managed floating exchange rate system.
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[BUSINESS] 6 sourcesPeople's Bank of China expected to set USD/CNY reference rate
The PBOC is expected to set the USD/CNY reference rate near 6.7379, acting as a key policy signal within China's managed floating exchange rate system.
Sources
admisi.com · bitcoinethereumnews.com · chinaeconomicreview.com · cn.dailyeconomic.com · cryptobriefing.com · detlionblood32.wordpress.com · forexlive.com · investingcube.com · kesq.com · kion546.com · krdo.com · moderndiplomacy.eu · mumbrella.asia · organiqo.com · quantpedia.com · vietnamplus.vn
This summary has been updated 9 times: see revision history