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PBOC sets USD/CNY reference rate lower at 6.7989

The PBOC’s USD/CNY central rate was set at 6.7989, down from the prior fix of 6.8036 and below a Reuters estimate of 6.7931.

Reported · Written up by our desk · Major Pairs

FXStreet reports that the People’s Bank of China set the USD/CNY central rate for the upcoming trading session at 6.7989 on Friday, compared with the previous day’s fix of 6.8036.

The source added that the new reference rate was also compared against a Reuters estimate of 6.7931.

In the same context, FXStreet outlined that the PBOC’s monetary policy aims include safeguarding price stability, including exchange rate stability, and promoting economic growth, alongside financial reforms such as opening and developing the financial market.

The central bank described in the article uses multiple policy tools, including measures such as reverse repos and medium-term lending, as well as foreign exchange interventions and reserve requirement ratios, with the Loan Prime Rate cited as a benchmark that can influence both loan and savings rates and the renminbi’s exchange rate.

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