The People's Bank of China set the exchange rate of the dollar at 7.1889 yuan.

The People's Bank of China set the exchange rate of the dollar at 7.1889 yuan.
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The People's Bank of China decided on Friday morning to set the exchange rate of the yuan against the US dollar at 7.1889 yuan per dollar, while forecasts indicated it would be set at 7.3275 yuan. The closing price for the pair during yesterday's session was 7.3316 yuan. The bank also injected 105 billion yuan into the markets through repo operations for a duration of 7 days, with a yield of 1.5%.

It is worth noting that the People's Bank of China influences the price of the US dollar (USD) by pegging its currency value - the yuan - to the US dollar (USD). The bank employs a fixed exchange rate policy by managing the value of the yuan, keeping it stable against a basket of currencies from countries that are considered partners of China. This basket is measured by the US dollar (USD) price, given that the United States is China's largest trading partner.


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