The People's Bank of China sets the exchange rate of the dollar at 7.1703 yuan.

The People's Bank of China decided on Tuesday morning to set the exchange rate of the yuan against the US dollar at 7.1703 yuan per dollar, while expectations had indicated a rate of 7.2888 yuan. The closing price for the pair in yesterday's session was 7.1703 yuan. Additionally, the bank injected 256 billion yuan into the markets through seven-day repurchase operations, with a yield of 1.5%.
It is worth noting that the People's Bank of China influences the price of the US dollar by pegging the value of its currency - the yuan - to the dollar, using a fixed exchange rate policy to manage the value of the yuan by keeping it stable against a basket of currencies from countries that are considered partners of China. This basket is measured against the price of the US dollar given that the United States is China's largest trading partner.