The People’s Bank of China (PBOC), the Central Bank of China, is responsible for installing the daily middle point of the daily middle point (also known as Rainminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to ups and downs within a certain range, which is called “band,” around a central reference rate, or called “midpoint”. It is currently +/- 2%.
The previous bandh was 7.1557
more to come
This article was written by Eamonn Sheridan on Investinglive.com.
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