2024-01-08 05:30:28
Bank of China
The People’s Bank of China decided this morning, Monday, to set the exchange rate of the yuan once morest the US dollar at the level of 7.1006 yuan per dollar, and expectations indicated that it would record 7.1499 yuan, and the closing price of the pair last session reached 7.1460 yuan, and the bank also pumped 50 billion yuan in repurchase operations. In the 7-day markets, with a return of 1.8%.
It should be noted that the Bank of China influences the price of the US dollar USD by linking the value of its currency – the yuan – to the dollar currency USD, as the bank uses a fixed exchange rate policy, which differs from the free exchange rate used by the United States and many other countries, leaving A margin of movement for the Chinese currency to move in a narrow range.
The Bank of China manages the value of the yuan by keeping it constant once morest a basket of currencies of countries that are considered partners of China. The basket is measured at the price of the US dollar (USD), given that the United States is the largest trading partner of the Republic of China.
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