THE PEOPLE'S BANK OF CHINA SETS THE DOLLAR EXCHANGE RATE AT 7.1283 YUAN
The People's Bank of China set the US dollar exchange rate at 7.1283 yuan per dollar, slightly different from the expected 7.1271 yuan.
Yesterday’s closing rate was 7.1266 yuan per dollar.
The bank injected 382 billion yuan into the market through 7-day repurchase operations, offering a 1.5% return.
China uses a fixed exchange rate system, linking the yuan’s value to the US dollar.
Unlike countries with a free exchange rate, China allows the yuan to fluctuate only within a narrow range.
