Created
: 2025.04.23
- 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 7.2116 vs. 7.2074 previous
World FX news
Breaking news
PBOC sets USD/CNY reference rate at 7.2116 vs. 7.2074 previous
New
2025.04.23 10:16
2025.04.23 10:16
2025.04.23 10:16
On Wednesday, the People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.2116 as compared to the previous day's fix of 7.2074.
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
: 2025.04.23
Related articles
India Gold price today: Gold falls, according to FXStreet data
2 minutes agoEUR/JPY hangs near daily low, below 162.00 as traders eye Eurozone PMIs for fresh impetus
27 minutes agoWTI extends gains to near $64.00 on Iran sanctions, falling US inventories
51 minutes agoGold Price Forecast: XAU/USD down but not out ahead of US PMI data
2025.04.23 12:16USD/INR attracts some buyers on Pahalgam terror attack
2025.04.23 12:04USD/CAD trades higher near 1.3850 due to potential de-escalation of ongoing tariff dispute
2025.04.23 11:42
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
India Gold price today: Gold falls, according to FXStreet data
Gold prices fell in India on Wednesday, according to data compiled by FXStreet.
New
2025.04.23 13:35Silver Price Forecast: XAG/USD holds position above $32.50 despite easing Fed concerns
Silver price (XAG/USD) retraces its recent losses from the previous session, trading around $32.70 per troy ounce during the Asian hours on Wednesday. However, prices of grey metal faced headwinds as investor optimism grew over the Federal Reserve's (Fed) independence.
New
2025.04.23 13:24EUR/JPY hangs near daily low, below 162.00 as traders eye Eurozone PMIs for fresh impetus
The EUR/JPY cross struggles to capitalize on its modest Asian session gains and attracts some intraday sellers in the vicinity of mid-162.00s on Wednesday.
New
2025.04.23 13:09Gold price shows signs of bullish exhaustion amid positive turnaround in risk sentiment
Gold price (XAU/USD) attracted dip-buyers in Asia on Wednesday, stalling its retreat from the $3,500 peak hit the day before.
New
2025.04.23 12:46WTI extends gains to near $64.00 on Iran sanctions, falling US inventories
West Texas Intermediate (WTI) Oil price extends its rally for a second straight session, trading around $63.90 per barrel during Asian hours on Wednesday. The continued rise in Oil prices comes amid fresh United States (US) sanctions on Iran and signs of tightening supply.
New
2025.04.23 12:45Gold Price Forecast: XAU/USD down but not out ahead of US PMI data
Gold price has bounced off the dip to three-day lows near $3,310 early Wednesday as buyers fight back control amid a fading US Dollar (USD) recovery ahead of the US S&P Global preliminary business PMI data release.
New
2025.04.23 12:16USD/INR attracts some buyers on Pahalgam terror attack
The Indian Rupee (INR) edges lower on Wednesday as rising crude oil prices and a renewed US Dollar (USD) demand weigh on sentiment and drag the Indian currency lower. The terrorist attack in Kashmir, India, contributes to the INR's downside.
New
2025.04.23 12:04USD/CAD trades higher near 1.3850 due to potential de-escalation of ongoing tariff dispute
USD/CAD edges higher, rebounding from two consecutive sessions of losses, and is trading near 1.3830 during Asian hours on Wednesday.
New
2025.04.23 11:42Japanese Yen recovers a major part of early lost ground against USD
The Japanese Yen (JPY) drifts lower against its American counterpart for the second successive day on Wednesday and retreats further from a multi-month peak touched the previous day.
New
2025.04.23 11:27NZD/USD strengthens above 0.5950 amid hope for US-China trade deal
The NZD/USD pair gathers strength to around 0.5980 during the Asian trading hours on Wednesday. The New Zealand Dollar (NZD) has risen to its highest level since early November 2024 against the US Dollar (USD) after the optimistic comments from the US Treasury Secretary Scott Bessent.
New
2025.04.23 10:46Disclaimer:
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
