PBOC sets USD/CNY reference rate at 6.7489 vs. 6.7468 previous
The People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Thursday at 6.7489 compared to the previous day's fix of 6.7468 and 6.7184 Reuters estimate.
On Thursday, the People's Bank of China (PBOC) announced the USD/CNY central rate for the trading session, raising it to 6.7489 from the previous day's fix of 6.7468. This marks a slight increase in the reference rate. The PBOC's primary monetary policy goals are to maintain price stability, including exchange rate stability, and support economic growth.
As a state-owned institution, the PBOC, influenced by the Chinese Communist Party's Committee Secretary, employs a broader range of monetary policy tools compared to Western economies. These include the seven-day Reverse Repo Rate, Medium-term Lending Facility, foreign exchange interventions, and Reserve Requirement Ratio. Notably, China's central bank has 19 private banks, primarily digital lenders such as WeBank and MYbank, which are supported by tech giants Tencent and Ant Group.
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