Created
: 2025.02.05
- 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 7.1693
Breaking news
PBOC sets USD/CNY reference rate at 7.1693
New
2025.02.05 10:16
2025.02.05 10:16
2025.02.05 10:16
On Wednesday, the People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1693 as compared to 7.2661 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
: 2025.02.05
Related articles
USD/INR maintains position above 87.00 after HSBC PMI data release
5 minutes agoEUR/USD lacks firm intraday direction, stuck in a range around 1.0375-1.0380 zone
29 minutes agoEUR/JPY falls to near 159.00 amid rising wages in Japan
2025.02.05 13:46GBP/USD holds steady below 1.2500; softer USD acts as a tailwind
2025.02.05 13:35FX option expiries for Feb 5 NY cut
2025.02.05 13:29Japan's Akazawa: Government's focus is to eradicate Japan's deflationary mindset
2025.02.05 13:10
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/INR maintains position above 87.00 after HSBC PMI data release
USD/INR continues its upward momentum for the fourth consecutive day, trading around 87.10 during Wednesday's Asian session.
New
2025.02.05 14:47EUR/USD lacks firm intraday direction, stuck in a range around 1.0375-1.0380 zone
The EUR/USD pair struggles to capitalize on this week's solid recovery from the 1.0200 neighborhood, or the lowest level since January 13, and oscillates in a range near the weekly top touched earlier this Wednesday.
New
2025.02.05 14:23EUR/JPY falls to near 159.00 amid rising wages in Japan
EUR/JPY retreats after gains in the previous session, trading near 159.00 during Asian hours on Wednesday.
New
2025.02.05 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
2025.02.05 13:35GBP/USD holds steady below 1.2500; softer USD acts as a tailwind
The GBP/USD pair struggles to capitalize on its strong gains registered over the past two days and consolidates near a one-week top, below the 1.2500 psychological mark during the Asian session on Wednesday.
New
2025.02.05 13:35FX option expiries for Feb 5 NY cut
FX option expiries for Feb 5 NY cut at 10:00 Eastern Time via DTCC can be found below.
New
2025.02.05 13:29Gold price continues scaling higher; fresh record high and counting
Gold price (XAU/USD) prolongs its upward trajectory through the Asian session on Wednesday and advances to a fresh all-time peak, around the $2,854 region in the last hour.
New
2025.02.05 13:24Japan's Akazawa: Government's focus is to eradicate Japan's deflationary mindset
Japan's Economy Minister Ryosei Akazawa noted on Wednesday that the "government's focus is to eradicate Japan's deflationary mindset." "With an ambitious goal to boost minimum wages, the government is trying to eradicate deflationary mindset," he added.
New
2025.02.05 13:10US Customs and Border Protection says additional 10% tariffs will apply to Hong Kong and mainland China
The US Customs and Border Protection issued a notice on Wednesday, noting that additional US tariffs of 10% will apply to Hong Kong as well as mainland China.
New
2025.02.05 12:50BoJ official: Central bank sees underlying inflation gradually heading toward 2%
An official at the Bank of Japan (BoJ) said on Wednesday that the "BoJ sees underlying inflation gradually heading toward 2%." Additional comments Price rises post-pandemic have been driven mostly by cost-push factors, such as rising import costs from weak Yen.
New
2025.02.05 12:47Disclaimer:
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
