Created
: 2025.03.20
- 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 7.1754 vs. 7.1697 previous
World FX news
Breaking news
PBOC sets USD/CNY reference rate at 7.1754 vs. 7.1697 previous
New
2025.03.20 10:18
2025.03.20 10:18
2025.03.20 10:18
The People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Thursday at 7.1754 as compared to the previous day's fix of 7.1697 and 7.2402 Reuters estimate.
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
: 2025.03.20
Related articles
US Dollar steadies as markets look for fresh clues in the US PCE inflation release
43 minutes agoEUR/USD to consolidate around 1.08-1.09 with upside risks - Danske Bank
54 minutes agoChina: Buckle up for 'Liberation Day' - Standard Chartered
2025.03.28 20:33USD/JPY: Has a small chance of testing 151.30 - UOB Group
2025.03.28 20:27USD/CHF Price Forecast: Trades inside Thursday's range ahead of US PCE Inflation
2025.03.28 20:24JPY: Inflation surprises to the upside - Commerzbank
2025.03.28 20:00
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
US Dollar steadies as markets look for fresh clues in the US PCE inflation release
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is currently flat to slightly higher near 104.50 at the time of writing on Friday.
New
2025.03.28 20:54Market does not expect US import tariffs on crude oil from Canada and Mexico - Commerzbank
The postponement of US import tariffs on certain goods from Canada and Mexico granted by US President Trump at the beginning of March will end next Wednesday, Commerzbank's commodity analyst Carsten Fritsch notes.
New
2025.03.28 20:48EUR/USD to consolidate around 1.08-1.09 with upside risks - Danske Bank
EUR/USD holds around 1.08 as Trump imposes auto tariffs and signals lenient reciprocal measures, Danske Bank's FX analyst Jesper Fjärstedt reports.
New
2025.03.28 20:43US natural gas storage rises - ING
US natural gas prices traded under pressure as the US witnessed its second straight week of inventory injection while weather forecasts remained mixed, ING's commodity experts Ewa Manthey and Warren Patterson note.
New
2025.03.28 20:38USD/CNH: Likely to trade sideways between 7.2570 and 7.2820 - UOB Group
US Dollar (USD) is likely to trade sideways vs Chinese Yuan (CNH) between 7.2570 and 7.2820.
New
2025.03.28 20:37China: Buckle up for 'Liberation Day' - Standard Chartered
The US has limited room to further hike tariffs on China under the Reciprocal Tariff Act.
New
2025.03.28 20:33Copper has continues to retreat from its nine-month high - ING
Meanwhile, Copper has continued to retreat from its nine-month high as expectations for the ex-US tightness are retreating following reports earlier this week that US tariffs on Copper imports could be imposed within weeks, not months, ING's commodity experts Ewa Manthey and Warren Patterson note.
New
2025.03.28 20:29USD/JPY: Has a small chance of testing 151.30 - UOB Group
US Dollar (USD) could test 151.30 vs Japanese Yen (JPY); it is uncertain if it can break clearly above this level.
New
2025.03.28 20:27USD/CHF Price Forecast: Trades inside Thursday's range ahead of US PCE Inflation
The USD/CHF pair ticks higher to near 0.8830 but trades inside Thursday's trading range in Friday's North American session ahead of the United States (US) Personal Consumption Expenditure Price Index (PCE) data for February, which will be published at 12:30 GMT.
New
2025.03.28 20:24Gold climbs to a new record high - ING
Gold surged to a fresh record high this morning, surpassing the previous record hit just yesterday, after US President Donald Trump announced 'permanent' 25% tariffs on auto imports, intensifying trade tensions, ING's commodity experts Ewa Manthey and Warren Patterson note.
New
2025.03.28 20:03Disclaimer:
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
