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: 2025.10.09
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PBOC sets USD/CNY reference rate at 7.1102 vs. 7.1055 previous
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PBOC sets USD/CNY reference rate at 7.1102 vs. 7.1055 previous
New
2025.10.09 10:16
2025.10.09 10:16
2025.10.09 10:16
On Thursday, the People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1102 compared to 7.1055 before the long holiday and 7.1484 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
: 2025.10.09
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Australian Dollar remains steady following Trade Balance data
Australian Dollar (AUD) moves little against the US Dollar (USD) on Thursday, after registering more than 0.25% gains in the previous session. The AUD/USD pair remains steady following the release of Australia's Trade Balance data.
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2025.11.06 10:25PBOC sets USD/CNY reference rate at 7.0865 vs. 7.0901 previous
On Thursday, the People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.0865 compared to the previous day's fix of 7.0901 and 7.1222 Reuters estimate.
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2025.11.06 10:15NZD/USD recovers some lost ground above 0.5650 despite a weak New Zealand jobs report
The NZD/USD pair recovers some lost ground to near 0.5665, snapping the five-day losing streak during the early Asian session on Thursday. Nonetheless, the potential upside for the New Zealand Dollar (NZD) might be limited after the country's Unemployment Rate rose to the highest level since 2016.
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2025.11.06 09:25GBP/USD finds a weak floor ahead of BoE rate call
GBP/USD grappled with a near-term technical floor on Wednesday, finding some breathing room just north of 1.3000. A thin, dead-cat-style bounce has greeted Cable traders following several weeks of one-sided declines.
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2025.11.06 08:40RBNZ's Hawkesby: Labour market woes within expectations
Reserve Bank of New Zealand (RBNZ) Governor Christian Hawkesby said that the deterioration in the country's labour market was within the bank's expectations, Reuters reported on Thursday.
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2025.11.06 08:25USD/JPY gathers strength above 154.00 as US private payrolls rebound in October
The USD/JPY pair attracts some buyers to around 154.05 during the early Asian session on Thursday.
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2025.11.06 08:19GBP/JPY Price Forecast: Rebounds above 201.00 but upside limited
The GBP/JPY shows signs of recovery on Wednesday, trades above the 50-day Simple Moving Average (SMA) of 200.97, after hitting a daily low of 199.61 earlier in the session. At the time of writing, the pair trades at 201.10, up 0.53%.
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2025.11.06 08:04When is the Australian Trade Data and how could it affect AUD/USD?
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2025.11.06 07:30EUR/USD steadies near 1.15 as traders scale back Fed rate-cut bets
EUR/USD consolidates at around 1.1480 on Wednesday, snapping five days of losses after economic data in the US prompted investors to grow less confident about a rate cut by the Federal Reserve (Fed) at the December meeting. At the time of writing, the pair trades unchanged at 1.1484.
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2025.11.06 06:42Disclaimer:
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