PBOC sets USD/ CNY reference rate for today at 6.9695 (vs. estimate at 6.9710)

Earlier:

• China Pres Xi revive push for yuan as reserve currency

The PBOC follows a managed floating exchange rate system. Allows the yuan to fluctuate within a +/- 2% range, around a central reference rate, or “midpoint.”

Previous close 6.9566

Injects 75bn yuan in 7 RRs @ 1.4% (net 75.5bn drain after maturities today)

This article was written by Eamonn Sheridan at investinglive.com.



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