Created
: 2025.08.22
- 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 7.1321 vs. 7.1287 previous
World FX news
Breaking news
PBOC sets USD/CNY reference rate at 7.1321 vs. 7.1287 previous
New
2025.08.22 10:16
2025.08.22 10:16
2025.08.22 10:16
On Wednesday, the People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1321 as compared to the previous day's fix of 7.1287 and 7.1871 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
: 2025.08.22
Related articles
Australian Dollar climbs as prospects for a larger Fed rate cut increase
12 minutes agoPBOC sets USD/CNY reference rate at 7.1019 vs. 7.1034 previous
47 minutes agoChina says not happy with super-high tariffs Mexico has placed on it now
2025.09.12 09:57Japan's Kato: Significant that Japan and US reconfirm key points on FX policies
2025.09.12 09:45US and Japan reaffirm their agreement not to manipulate FX rates
2025.09.12 09:38GBP/USD catches fresh bids on renewed US Dollar selling pressure
2025.09.12 08:27
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
Australian Dollar climbs as prospects for a larger Fed rate cut increase
The Australian Dollar (AUD) advances against the US Dollar (USD) on Friday, extending its gains for the third successive session.
New
2025.09.12 10:50WTI declines below $62.00 on weak demand, oversupply concerns
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $61.80 during the early Asian trading hours on Friday. The WTI declines amid concerns over possible softening of US demand and broad oversupply risks.
New
2025.09.12 10:29PBOC sets USD/CNY reference rate at 7.1019 vs. 7.1034 previous
On Friday, the People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1019 compared to the previous day's fix of 7.1034 and 7.1081 Reuters estimate.
New
2025.09.12 10:15China says not happy with super-high tariffs Mexico has placed on it now
China's Commerce Ministry said on Friday that the officials are not happy with super-high tariffs that Mexico has placed on China now.
New
2025.09.12 09:57Japan's Kato: Significant that Japan and US reconfirm key points on FX policies
Japanese Finance Minister Katsunobu Kato said on Friday that the joint statement was significant in light of the new US tariff order, adding that there were no talks with US Treasury Secretary Bessent on specific foreign exchange (FX) levels.
New
2025.09.12 09:45US and Japan reaffirm their agreement not to manipulate FX rates
The United States (US) Department of the Treasury and the Japanese Ministry of Finance reaffirmed their G7 commitments on currency policy, stressing that exchange rates should remain market-driven, according to the US-Japan Finance Ministers' joint statement.
New
2025.09.12 09:38Gold Price Forecast: XAU/USD edges lower below $3,650 on profit-taking
The Gold price (XAU/USD) edges lower to around $3,630 during the early Asian session on Friday. The precious metal retreats from a record high on some profit-taking. Nonetheless, the rising bets of the US Federal Reserve (Fed) rate cut in the upcoming meeting might cap its downside.
New
2025.09.12 09:14GBP/USD catches fresh bids on renewed US Dollar selling pressure
GBP/USD rallied over one-third of one percent on Thursday, bolstered by fresh US Dollar (USD) weakness as investors pile into bets that the Federal Reserve (Fed) will finally be pushed into a series of interest rate cuts through the rest of the year.
New
2025.09.12 08:27US to push G7 to impose high tariffs on China, India over Russian oil purchases -- FT
The United States (US) plans to urge Group of Seven (G7) nations to hit India and China with sharply higher tariffs for buying Russian oil in an attempt to force Moscow into peace talks with Ukraine, the Financial Times (FT) reported on Thursday.
New
2025.09.12 08:21USD/JPY softens to near 147.00 as Fed rate cut bets stay firm
The USD/JPY pair attracts some sellers near 147.15 during the early Asian session on Friday. The US Dollar (USD) remains weak against the Japanese Yen (JPY) as US inflation reports support the case for the first interest rate cut by the Federal Reserve (Fed) since December 2024.
New
2025.09.12 08:07Disclaimer:
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
