PBOC sets USD/CNY rate at 7.0979, maintains 1-year MLF rate, and injects 100bn Yuan, limiting yuan's decline against USD.

People's Bank of China (PBOC) set the USD/CNY central rate at 7.0979, maintaining the 1-year MLF interest rate at 2.5% and providing a one-year MLF injection of 100bn Yuan. The yuan reached a five-month low against the US dollar, but losses were limited by the country's strong official guidance rate. The PBOC's daily fixing rates and support from state-owned banks help stabilize the yuan's value.

April 15, 2024
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