The People’s Bank of China’s USD/CNY benchmark rate is expected around 01:15 GMT.
The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint rate of the yuan (also known as the renminbi or RMB). The People’s Bank of China follows a system of floating exchange rates that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It is currently +/- 2%.
How the process works:
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