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6.7180: PBOC fixes USD/CNY reference rate, compared with 6.7195 previously
6.7180 is Friday’s USD/CNY central parity rate. The People’s Bank of China (PBOC) set the fixing for the upcoming trading session against the previous day’s 6.7195 and the Reuters estimate of 6.6758.
PBOC: Key Questions Answered
Price stability, including a stable exchange rate, and economic growth are the main monetary policy objectives of the People's Bank of China (PBoC). Its remit also includes pursuing financial reforms, notably the opening and development of financial markets.
State ownership by the People's Republic of China (PRC) means the PBoC is not regarded as an autonomous institution. Rather than the governor, the Chinese Communist Party (CCP) Committee Secretary holds key influence over its management and direction. The Chairman of the State Council nominates the secretary. Mr Pan Gongsheng currently occupies both the secretary and governor posts, however.
To meet its objectives, the PBoC deploys a wider range of monetary policy instruments than those used in Western economies. Its principal tools comprise the seven-day Reverse Repo Rate (RRR), Medium-term Lending Facility (MLF), foreign exchange interventions and Reserve Requirement Ratio (RRR). China’s benchmark interest rate, however, is the Loan Prime Rate (LPR). Adjustments to the LPR directly affect market borrowing costs for loans and mortgages, as well as interest paid on savings. The central bank can also use LPR changes to influence Chinese Renminbi exchange rates.
China permits private banks and has 19, accounting for only a small share of its financial system. According to The Straits Times, digital lenders WeBank and MYbank are the largest, backed by technology giants Tencent and Ant Group. Domestic lenders funded entirely by private capital were authorised in 2014 to operate within China’s state-dominated financial sector.
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