PBOC to Set USD/CNY Reference Rate at Estimated 6.7497

The People's Bank of China (PBOC) will set the daily USD/CNY reference rate at around 6.7497, according to Reuters' estimate.

This fixing remains one of the most closely watched signals in Asian foreign exchange markets.

China operates a managed floating exchange rate system, under which the renminbi (yuan) is allowed to trade within a prescribed band around a central reference rate, or midpoint, set each trading day by the PBOC.

The current trading band permits the currency to move plus or minus 2% from the official midpoint during onshore trading hours.