Created
: 2025.01.22
- English
- English
- What's Myforex
- Share
- Use tools
- Get information
- What's New
- Help center
- About us
- Customer support
- Terms and policies
-
-
PortfolioShare your portfolio and performance in real time -
Events & contestsEvents and contests held by retail brokers around the world
-
-
Real-time spread comparisonCompare spreads of major retail brokers in real time -
Volatility analysisVisualize volatility as a measure of daily market activity -
Swap point comparisonCompare buy and sell swap values for each broker by symbol -
Market rates & chartsCheck prices for all instruments offered by each broker -
IndicatorsProviding in-house developed indicators for MT4/MT5 -
Trading calculatorsCalculation tools for each broker to help you trade
-
-
World FX newsLatest news on forex and cryptocurrencies from around the world -
Broker informationTrading information of retail brokers worldwide -
MetaTrader4/5 user guideUser guide collection for the latest MetaTrader4/5 -
Economic calendarRelease calendar for indicators from official sources of major economies
PBOC sets USD/CNY reference rate at 7.1696 vs. 7.1703 previous
World FX news
Breaking news
PBOC sets USD/CNY reference rate at 7.1696 vs. 7.1703 previous
New
2025.01.22 10:16
2025.01.22 10:16
2025.01.22 10:16
On Wednesday, the People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1696 as compared to the previous day's fix of 7.1703 and 7.2642 Reuters estimates.
PBOC FAQs
The primary monetary policy objectives of the People's Bank of China (PBoC) are to safeguard price stability, including exchange rate stability, and promote economic growth. China's central bank also aims to implement financial reforms, such as opening and developing the financial market.
The PBoC is owned by the state of the People's Republic of China (PRC), so it is not considered an autonomous institution. The Chinese Communist Party (CCP) Committee Secretary, nominated by the Chairman of the State Council, has a key influence on the PBoC's management and direction, not the governor. However, Mr. Pan Gongsheng currently holds both of these posts.
Unlike the Western economies, the PBoC uses a broader set of monetary policy instruments to achieve its objectives. The primary tools include a seven-day Reverse Repo Rate (RRR), Medium-term Lending Facility (MLF), foreign exchange interventions and Reserve Requirement Ratio (RRR). However, The Loan Prime Rate (LPR) is China's benchmark interest rate. Changes to the LPR directly influence the rates that need to be paid in the market for loans and mortgages and the interest paid on savings. By changing the LPR, China's central bank can also influence the exchange rates of the Chinese Renminbi.
Yes, China has 19 private banks - a small fraction of the financial system. The largest private banks are digital lenders WeBank and MYbank, which are backed by tech giants Tencent and Ant Group, per The Straits Times. In 2014, China allowed domestic lenders fully capitalized by private funds to operate in the state-dominated financial sector.
Last updated
: 2025.01.22
Related articles
USD/CNH rises above 7.2800 as Chinese Yuan weakens due to Trump's tariff threats
34 minutes agoEUR/USD trades with mild losses near 1.0400 amid Trump's tariff threats
54 minutes agoUSD/CAD ticks higher amid modest USD strength, lacks follow-through beyond mid-1.4300s
59 minutes agoIndia Gold price today: Gold rises, according to FXStreet data
2025.01.22 13:36GBP/USD struggles near 1.2350 as Trump's tariff hikes proposal remains afloat
2025.01.22 12:48USD/INR holds steady as Trump threatens China with tariffs
2025.01.22 11:52
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
Was this article helpful?
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Thank you for your feedback.
Thank you for your feedback.
Most viewed
USD/CNH rises above 7.2800 as Chinese Yuan weakens due to Trump's tariff threats
USD/CNH, representing the offshore Chinese Yuan, extends its gains for the second successive day on Wednesday.
New
2025.01.22 14:11EUR/USD trades with mild losses near 1.0400 amid Trump's tariff threats
The EUR/USD pair drifts lower to around 1.0415 during the Asian trading hours on Wednesday.
New
2025.01.22 13:51USD/CAD ticks higher amid modest USD strength, lacks follow-through beyond mid-1.4300s
The USD/CAD pair attracts some dip-buyers following the previous day's sharp retracement slide from the highest level since March 2020, though it struggles to capitalize on the move beyond the mid-1.4300s.
New
2025.01.22 13:46India Gold price today: Gold rises, according to FXStreet data
Gold prices rose in India on Wednesday, according to data compiled by FXStreet.
New
2025.01.22 13:36Gold price advances to $2,750 area, highest since early November
Gold price (XAU/USD) builds on the previous day's strong move up and attracts follow-through buying for the third successive day on Wednesday.
New
2025.01.22 13:03GBP/USD struggles near 1.2350 as Trump's tariff hikes proposal remains afloat
GBP/USD pauses its two-day rally, trading around 1.2330 during the Asian session on Wednesday.
New
2025.01.22 12:48Silver Price Forecast: XAG/USD maintains position above $30.50 near nine-day EMA
Silver price (XAG/USD) extends its gains for the third successive session, trading around $30.80 per troy ounce during Asian hours on Wednesday.
New
2025.01.22 11:57USD/INR holds steady as Trump threatens China with tariffs
The Indian Rupee (INR) flat lines on Wednesday. The persistent US Dollar (USD) buying from foreign portfolio investors and local oil companies could weigh on the lNR.
New
2025.01.22 11:52Japanese Yen drifts lower against USD; downside seems limited amid BoJ rate hike bets
The Japanese Yen (JPY) edges lower against its American counterpart during the Asian session on Wednesday, though it remains close to over a one-month peak touched the previous day.
New
2025.01.22 11:29Australian Dollar edges lower as Trump administration considers tariff on Chinese imports
The Australian Dollar (AUD) remains subdued against the US Dollar (USD) on Wednesday.
New
2025.01.22 11:13Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy
