Created
: 2025.08.29
- English
- English
- What's Myforex
- Share
- Use tools
- Get information
- What's New
- Help center
- About us
- Customer support
- Terms and policies
-
-
PortfolioShare your portfolio and performance in real time -
Events & contestsEvents and contests held by retail brokers around the world
-
-
Real-time spread comparisonCompare spreads of major retail brokers in real time -
Volatility analysisVisualize volatility as a measure of daily market activity -
Swap point comparisonCompare buy and sell swap values for each broker by symbol -
Market rates & chartsCheck prices for all instruments offered by each broker -
IndicatorsProviding in-house developed indicators for MT4/MT5 -
Trading calculatorsCalculation tools for each broker to help you trade
-
-
World FX newsLatest news on forex and cryptocurrencies from around the world -
Broker informationTrading information of retail brokers worldwide -
MetaTrader4/5 user guideUser guide collection for the latest MetaTrader4/5 -
Economic calendarRelease calendar for indicators from official sources of major economies
PBOC sets USD/CNY reference rate at 7.1030 vs. 7.1063 previous
World FX news
Breaking news
PBOC sets USD/CNY reference rate at 7.1030 vs. 7.1063 previous
New
2025.08.29 10:18
2025.08.29 10:18
2025.08.29 10:18
On Friday, the People's Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1030 as compared to the previous day's fix of 7.1063 and 7.1274 Reuters estimate.
PBOC FAQs
The primary monetary policy objectives of the People's Bank of China (PBoC) are to safeguard price stability, including exchange rate stability, and promote economic growth. China's central bank also aims to implement financial reforms, such as opening and developing the financial market.
The PBoC is owned by the state of the People's Republic of China (PRC), so it is not considered an autonomous institution. The Chinese Communist Party (CCP) Committee Secretary, nominated by the Chairman of the State Council, has a key influence on the PBoC's management and direction, not the governor. However, Mr. Pan Gongsheng currently holds both of these posts.
Unlike the Western economies, the PBoC uses a broader set of monetary policy instruments to achieve its objectives. The primary tools include a seven-day Reverse Repo Rate (RRR), Medium-term Lending Facility (MLF), foreign exchange interventions and Reserve Requirement Ratio (RRR). However, The Loan Prime Rate (LPR) is China's benchmark interest rate. Changes to the LPR directly influence the rates that need to be paid in the market for loans and mortgages and the interest paid on savings. By changing the LPR, China's central bank can also influence the exchange rates of the Chinese Renminbi.
Yes, China has 19 private banks - a small fraction of the financial system. The largest private banks are digital lenders WeBank and MYbank, which are backed by tech giants Tencent and Ant Group, per The Straits Times. In 2014, China allowed domestic lenders fully capitalized by private funds to operate in the state-dominated financial sector.
Last updated
: 2025.08.29
Related articles
GBP/USD continues to test 1.3550 as US CPI inflation print looms
2025.09.11 09:01AUD/USD toys with ten-month high ahead of US CPI inflation print
2025.09.11 08:49RBNZ's Hawkesby reiterates OCR projected to reach 2.5%
2025.09.11 08:38USD/CAD holds firm above 1.3850 as traders pile into BoC rate cut bets
2025.09.11 08:08NZD/USD Price Forecast: Struggles at 100-day SMA ahead of US CPI
2025.09.11 07:49USD/JPY Price Forecast: Stuck in tight range around 147.00 as traders await US data
2025.09.11 06:14
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
Was this article helpful?
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Thank you for your feedback.
Thank you for your feedback.
Most viewed
Gold Price Forecast: XAU/USD gains momentum to near $3,650, eyes on US CPI release
The Gold price (XAU/USD) gains momentum to near $3,645 during the early Asian session on Thursday. The precious metal edges higher on expectations of a US Federal Reserve (Fed) interest rate cut, a weaker US Dollar (USD) and global geopolitical risks.
New
2025.09.11 09:42WTI edges higher to near $63.50 amid global geopolitical risks
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $63.50 during the early Asian trading hours on Thursday. The WTI trades in positive territory for the third consecutive day amid global geopolitical risks.
New
2025.09.11 09:04GBP/USD continues to test 1.3550 as US CPI inflation print looms
GBP/USD caught a slim bullish step forward on Wednesday, testing the 1.3550 region for the fourth straight trading day, but thus far remains unable to make any further progress.
New
2025.09.11 09:01AUD/USD toys with ten-month high ahead of US CPI inflation print
AUD/USD rose into its highest bids in ten months on Wednesday, tapping the 0.6635 region for the first time since November of last year. The Aussie caught a firm bid through the day, driven by a general buoyancy to market risk appetite.
New
2025.09.11 08:49RBNZ's Hawkesby reiterates OCR projected to reach 2.5%
Reserve Bank of New Zealand (RBNZ) Governor Christian Hawkesby on Thursday reiterated that the Official Cash Rate (OCR) is projected to reach 2.5%. Hawkesby further stated that whether the central bank reaches its goal depends on the data.
New
2025.09.11 08:38USD/CAD holds firm above 1.3850 as traders pile into BoC rate cut bets
The USD/CAD pair gains ground for a second consecutive day around 1.3860 during the early Asian session on Thursday. The Canadian Dollar (CAD) weakens against the US Dollar (USD) amid expectations that the Bank of Canada (BoC) would resume its easing cycle this month.
New
2025.09.11 08:08NZD/USD Price Forecast: Struggles at 100-day SMA ahead of US CPI
The New Zealand Dollar advanced on Wednesday, posted gains of over 0.24% as traders digested the latest factory gate inflation report. An evolution of the disinflation process, drove the NZD/USD pair higher, past the 0.9540 mark during the day.
New
2025.09.11 07:49USD/JPY Price Forecast: Stuck in tight range around 147.00 as traders await US data
The USD/JPY remains consolidated on Wednesday as buyers and sellers remain unable to move the markets past the 147.00-147.65 range for the last couple of days. At the time of writing, the major sits at 147.36 down a minimal 0.07%.
New
2025.09.11 06:14EUR/USD steady at 1.1700 as softer US PPI fuels rate cut bets
The EUR/USD remains steady at around 1.1700 on Wednesday as market participants digest US economic data. US Dollar weakness triggered by a softer inflation report and growing speculation for the first rate cut by the Federal Reserve (Fed) keeps the pair trading within familiar levels.
New
2025.09.11 05:56Canadian Dollar falls once again as Loonie support withers
The Canadian Dollar eased further on Wednesday, declining around one-sixth of one percent and putting the USD/CAD pair on track to challenge its key 200-day Exponential Moving Average (EMA).
New
2025.09.11 03:11Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy
