PBOC sets USD/CNY reference rate at 7.1729 vs. 7.1761 previous

Source Fxstreet

The People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead on Thursday at 7.1729 as compared to the previous day's fix of 7.1761 and 7.1916 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.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Cash Price Prediction: BCH hits $600, the highest level in 2025Bitcoin Cash (BCH) consolidates near $590 at the time of writing on Monday, after reaching its highest yearly level of above $600 the previous day.
Author  FXStreet
Jul 28, Mon
Bitcoin Cash (BCH) consolidates near $590 at the time of writing on Monday, after reaching its highest yearly level of above $600 the previous day.
placeholder
USD/JPY Price Forecast: Rising 20-day EMA suggests a strong upside trendThe USD/JPY pair ticks down to near 148.35 during the late Asian trading session on Tuesday, struggling to extend its three-day winning streak.
Author  FXStreet
Jul 29, Tue
The USD/JPY pair ticks down to near 148.35 during the late Asian trading session on Tuesday, struggling to extend its three-day winning streak.
placeholder
Gold price consolidates in $3,320-3,330 band; looks to Fed for meaningful impetusGold price (XAU/USD) seesaws between tepid gains/minor losses during the Asian session on Wednesday.
Author  FXStreet
23 hours ago
Gold price (XAU/USD) seesaws between tepid gains/minor losses during the Asian session on Wednesday.
placeholder
On-chain data showed that whales are aggressively accumulating more Bitcoin and EthereumOn-chain data showed that whales are aggressively accumulating more Bitcoin and Ethereum.
Author  Cryptopolitan
23 hours ago
On-chain data showed that whales are aggressively accumulating more Bitcoin and Ethereum.
placeholder
Strategy Unveils $2.46 Billion Bitcoin Buy, Biggest Purchase In 8 MonthsStrategy has just added to its Bitcoin buying spree with a multi-billion dollar purchase, its largest buy since November of last year. Strategy Has Bought Another 21,021 Bitcoin As announced by Strategy Chairman Michael Saylor in an X post, the company has completed a fresh Bitcoin acquisition. With this buy, Strategy has added 21,021 BTC […]
Author  Bitcoinist
3 hours ago
Strategy has just added to its Bitcoin buying spree with a multi-billion dollar purchase, its largest buy since November of last year. Strategy Has Bought Another 21,021 Bitcoin As announced by Strategy Chairman Michael Saylor in an X post, the company has completed a fresh Bitcoin acquisition. With this buy, Strategy has added 21,021 BTC […]
goTop
quote