PBOC sets USD/CNY reference rate at 6.7147 vs. 6.7165 previous
The People’s Bank of China (PBOC) sets the USD/CNY central rate for the trading session ahead on Thursday at 6.7147 compared to the previous day's fix of 6.7165 and 6.6596 Reuters estimate.
On Thursday, the People's Bank of China (PBOC) set the USD/CNY central rate at 6.7147, a decrease from the previous day's rate of 6.7165 and the Reuters estimate of 6.6596. The PBoC's primary monetary policy goals are to maintain price stability, including exchange rate stability, and foster economic growth. The central bank, owned by the state of the People's Republic of China, is not considered autonomous and its management is influenced by the Chinese Communist Party Committee Secretary.
The PBoC employs a diverse range of monetary policy tools, including a seven-day Reverse Repo Rate, Medium-term Lending Facility, foreign exchange interventions, and Reserve Requirement Ratio. Unlike Western economies, the PBoC utilizes the Loan Prime Rate as its benchmark interest rate, which directly impacts loan, mortgage, and savings interest rates.
With only 19 private banks in China, the largest private lenders are WeBank and MYbank, both backed by tech giants Tencent and Ant Group.
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