Created
: 2025.03.12
- 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. 7.1741 previous
World FX news
Breaking news
PBOC sets USD/CNY reference rate at 7.1696 vs. 7.1741 previous
New
2025.03.12 10:16
2025.03.12 10:16
2025.03.12 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 7.1741 and 7.2324 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
: 2025.03.12
Related articles
USD/CAD Price Forecast: Remains below 1.4450 near immediate support at the nine-day EMA
15 minutes agoNZD/USD bulls remain on the defensive near 0.5700; focus remains on US CPI report
24 minutes agoBoC expected to trim interest rate again amid US trade war
26 minutes agoLagarde speech: Cannot ensure that inflation will always be at 2%
37 minutes agoUSD: Room to rebound - ING
48 minutes agoEUR/USD: More likely to consolidate in a 1.0870/1.0950 range - UOB Group
48 minutes ago
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/CAD Price Forecast: Remains below 1.4450 near immediate support at the nine-day EMA
USD/CAD retraces its recent losses, trading around 1.4440 during the European hours on Wednesday.
New
2025.03.12 18:11NZD/USD bulls remain on the defensive near 0.5700; focus remains on US CPI report
The NZD/USD pair struggles to capitalize on the overnight bounce from a multi-day low, around the 0.5680-0.5675 region and attracts fresh sellers on Wednesday amid a modest US Dollar (USD) uptick.
New
2025.03.12 18:01BoC expected to trim interest rate again amid US trade war
All eyes are on the Bank of Canada (BoC) this Wednesday, with market consensus expecting another rate cut--the seventh in a row.
New
2025.03.12 18:00Lagarde speech: Cannot ensure that inflation will always be at 2%
European Central Bank (ECB) President Christine Lagarde said on Wednesday that they cannot ensure that inflation will always be at 2% but added that they must set the monetary policy so it converges to 2%, per Reuters.
New
2025.03.12 17:49USD: Room to rebound - ING
Global risk sentiment continued to sour yesterday as President Trump announced he'd double tariffs on Canadian steel and aluminum to 50%, and later pulled the threat as Ontario suspended a 25% surcharge on electricity exports.
New
2025.03.12 17:38EUR/USD: More likely to consolidate in a 1.0870/1.0950 range - UOB Group
Further sustained rise in Euro (EUR) vs US Dollar (USD) seems unlikely; it is more likely to consolidate in a 1.0870/1.0950 range.
New
2025.03.12 17:37WTI advances to near $66.50, upside seems limited due to rising US growth concerns
West Texas Intermediate (WTI) Oil price gains ground for the second successive day, trading $66.40 during the European hours on Wednesday.
New
2025.03.12 17:33Crude oil price today: WTI price bullish at European opening
West Texas Intermediate (WTI) Oil price advances on Wednesday, early in the European session.
New
2025.03.12 17:24EUR: Still rather expensive - ING
EUR/USD received some extra support yesterday from the news that Ukraine agreed to a 30-day truce with Russia, but has retreated from the 1.095 highs to just under 1.090 as the dollar started to recover and the EU announced €26bn worth of retaliatory tariffs against the US.
New
2025.03.12 17:21Pound Sterling holds onto gains against US Dollar ahead of US inflation data
The Pound Sterling (GBP) stays firm near the four-month high of 1.2965 against the US Dollar (USD) in Wednesday's European session.
New
2025.03.12 17:09Disclaimer:
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
