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: 2025.09.16
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PBOC sets USD/CNY reference rate at 7.1027 vs. 7.1056 previous
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PBOC sets USD/CNY reference rate at 7.1027 vs. 7.1056 previous
New
2025.09.16 10:16
2025.09.16 10:16
2025.09.16 10:16
The People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Tuesday at 7.1027 compared to the previous day's fix of 7.1056 and 7.1159 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
: 2025.09.16
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US Dollar Index falls further to near 97.20 as Fed sets to cut interest rates
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2025.09.16 02:12Australian Dollar moves little following RBA Sarah Hunter's comments
The Australian Dollar (AUD) steadies against the US Dollar (USD) on Tuesday after registering gains in the previous session. The AUD/USD pair appreciated as the US Dollar (USD) struggled ahead of the looming US Federal Reserve (Fed) policy meeting due on Wednesday.
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2025.09.16 01:52RBA's Hunter: Close to getting inflation to target
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2025.09.16 01:37PBOC sets USD/CNY reference rate at 7.1027 vs. 7.1056 previous
The People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Tuesday at 7.1027 compared to the previous day's fix of 7.1056 and 7.1159 Reuters estimate.
New
2025.09.16 01:15GBP/USD tests fresh multi-week highs ahead of Fed & BoE double-header
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2025.09.15 23:53Disclaimer:
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