THE PEOPLE'S BANK OF CHINA SETS THE DOLLAR EXCHANGE RATE AT 7.1283 YUAN
The People's Bank of China set the exchange rate for the yuan at 7.1283 yuan per US dollar on Tuesday.
This was slightly higher than expected, as the forecast was 7.1271 yuan.
The previous day's closing rate was 7.1266 yuan per dollar.
The bank injected 382 billion yuan into the market through 7-day repurchase agreements at a 1.5% interest rate.
China maintains a fixed exchange rate for the yuan against the dollar, unlike the freely floating exchange rates in the U.S. and other countries.
