PBOC sets USD/CNY reference rate at 6.7399 vs. 6.7489 previous
On Monday, the People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Thursday at 6.7399 compared to last Thursday's fix of 6.7489 and 6.7085 Reuters estimate.
On Monday, the People's Bank of China (PBOC) announced that the USD/CNY central rate for the upcoming trading week will be set at 6.7399, a slight decrease from the previous week's rate of 6.7489. This move comes after an estimate of 6.7085 reported by Reuters. The primary goals of the PBOC, as stated by its mission, are to maintain price stability, including exchange rate stability, and foster economic growth.
Additionally, the central bank is committed to implementing financial reforms, such as expanding and developing the financial market. It is important to note that the PBOC, owned by the state of the People's Republic of China, operates under the influence of the Chinese Communist Party (CCP), with the Committee Secretary, nominated by the Chairman of the State Council, playing a significant role in its management.
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