Created
: 2025.09.30
- 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 7.1055 vs. 7.1089 previous
World FX news
Breaking news
PBOC sets USD/CNY reference rate at 7.1055 vs. 7.1089 previous
New
2025.09.30 10:16
2025.09.30 10:16
2025.09.30 10:16
On Tuesday, the People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1055 compared to the previous day's fix of 7.1089 and 7.1166 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
: 2025.09.30
Related articles
Canadian Dollar middles as investor sentiment slows to a crawl
2025.10.01 04:09Fed's Collins warns that rate cuts will follow, but only if the economy meets expectations
2025.10.01 03:59Fed's Goolsbee says short government shutdowns are okay
2025.10.01 03:48USD/JPY slides as US shutdown fears boost Yen's safe-haven appeal
2025.10.01 03:36Dow Jones Industrial Average slow bleeds as government shutdown looms
2025.10.01 02:46FX Today: Focus shifts to inflation in Europe and US ADP, ISM data
2025.10.01 02:46
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
Gold advances as shutdown looms, weak US data fuels rate cut bets
Gold climbs during the North American session on Tuesday yet remains below the record high hit in the Asian session of $3,871. Amid fears of a US government shutdown, jobs data reaffirmed expectations of rate cuts by the Federal Reserve (Fed). XAU/USD trades at $3,846, up 0.35%.
New
2025.10.01 04:29Canadian Dollar middles as investor sentiment slows to a crawl
The Canadian Dollar (CAD) held mostly in place on Tuesday, with market flows broadly drawing down as the US government careens into a funding shutdown.
New
2025.10.01 04:09Fed's Collins warns that rate cuts will follow, but only if the economy meets expectations
Federal Reserve (Fed) Bank of Boston President Susan Collins warned that the Fed could have room to continue interest rate cuts, but only if economic conditions remain on-balance.
New
2025.10.01 03:59Fed's Goolsbee says short government shutdowns are okay
Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee noted on Tuesday that "short" government shutdowns tend to have a limited impact on the broader economy. The statements come at a time when the US government is barreling into a funding gap and subsequent shutdown.
New
2025.10.01 03:48USD/JPY slides as US shutdown fears boost Yen's safe-haven appeal
The Japanese Yen (JPY) gains traction against the US Dollar (USD) on Tuesday, with USD/JPY extending losses for a third straight day as the looming United States (US) government shutdown weighs on the Greenback and bolsters safe-haven demand for the Yen.
New
2025.10.01 03:36Dow Jones Industrial Average slow bleeds as government shutdown looms
The Dow Jones Industrial Average (DJIA) saw a slow bleed on Tuesday, shedding around 150 points as investors braced ahead of what is likely to be a federal government shutdown.
New
2025.10.01 02:46FX Today: Focus shifts to inflation in Europe and US ADP, ISM data
Steady jitters around a potential US government shutdown kept the US Dollar under pressure on Tuesday, adding to the ongoing multi-day weakness hurting the currency. In addition, prospects for extra rate cuts by the Federal Reserve also collaborated with the bearish price action.
New
2025.10.01 02:46BoE's Breeden says recent inflation "hump" shouldn't lead to more inflation
Bank of England (BoE) Monetary Policy Committee (MPC) member and Deputy Governor for Financial Stability, Sarah Breeden, stated on Tuesday that she believes the recent "bump" in inflation won't lead to further, long-term inflationary pressures.
New
2025.10.01 01:42EUR/GBP edges lower as UK GDP beats forecasts, Eurozone inflation in focus
The Euro (EUR) trades on the back foot against the British Pound (GBP) on Tuesday, with EUR/GBP hovering near the lower end of its week-long range, between 0.8720 and 0.8750. At the time of writing, the cross is trading around 0.8730, as Sterling draws support from steady UK growth data.
New
2025.10.01 01:13GBP/USD extends winning streak as US shutdown fears hit Dollar
Cable extended its gains for three straight days on Tuesday, edges up 0.20% spurred by investors selling off the Dollar amid fears of a US government shutdown. The GBP/USD trades at 1.3461 at the time of writing.
New
2025.10.01 00:22Disclaimer:
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
