People's Bank of China Sets Yuan Exchange Rate at 7.1191 per Dollar

The People's Bank of China set the yuan's exchange rate at 7.1191 yuan per US dollar on Wednesday.

Analysts had anticipated a rate of 7.1208 yuan.

The exchange rate closed at 7.1193 yuan in the previous session.

The bank injected 642 billion yuan into the market through 7-day repurchase operations, with a return rate of 1.5%.

The People's Bank of China maintains a fixed exchange rate policy, allowing the yuan to fluctuate within a narrow range against the dollar.