The Chinese yuan recorded a significant rise against the dollar in today’s trading, according to China’s foreign exchange trading system.
According to Chinese media, the dollar fell by 88 PEP to 7.1201 yuan today, according to the Central Indicative Price, while China allows 2 per cent upward or downward movement of the exchange rate compared to the indicative rate in immediate trading.
The indicative price of the yuan against the dollar is determined on the basis of the purchase rates offered by Japan’s major financial institutions before the commencement of interbank market transactions daily.
On the other hand, the People’s Bank of China (Central) today injected 89 billion yuan into the banking system through a 7-day reverse purchase mechanism.
Reverse buybacks, known as reverse repos, are processes in which the Central Bank buys securities from commercial banks by bidding, while agreeing to sell them back to them in the future.
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