Main menu

Pages

The People's Bank of China pegs the yuan at $6.3351

The People's Bank of China pegs the yuan at $6.3351


The People's Bank of China this morning set the exchange rate of the yuan against the US dollar at 6.3351 yuan per dollar, while the expected value was 6.3347 yuan per dollar, at the same time, and the previous closing value of the yuan was 6.3113 dollars.


It should be noted that the Bank of China influences the price of the United States dollar USD by pegging 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 room for China's currency to move in a narrow range.


The Bank of China manages the value of the yuan by holding it pegged against a basket of currencies of countries that are China's partners. The basket is measured in USD, since the United States is China's main trading partner.


The People's Bank of China pegs the yuan at $6.3351