PBOC SETS USD/CNY MID-POINT AT 7.1696, BEATING ESTIMATES
The People's Bank of China (PBOC) sets the daily midpoint for the yuan at 7.1696 against the US dollar.
This is better than the estimated rate of 7.2642.
The PBOC uses a managed floating exchange rate system for the yuan, allowing it to fluctuate within a 2% range of the central reference rate.
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