The People's Bank of China sets the exchange rate of the dollar at 7.1708 yuan.

On Thursday morning, the People's Bank of China decided to set the exchange rate of the yuan against the US dollar at 7.1708 yuan per dollar, while expectations had indicated it would be set at 7.2896 yuan. The closing price of the pair in yesterday's session was 7.2770 yuan. The bank also injected 480 billion yuan through repurchase operations in the markets for 7 days, with a return of 1.5%.
It is worth noting that the People's Bank of China influences the price of the US dollar (USD) by pegging the value of its currency - the yuan - to the US dollar. The bank uses a fixed exchange rate policy by managing the value of the yuan, keeping it stable against a basket of currencies from countries considered partners to China, with the basket measured against the dollar price, given that the United States is China's largest trading partner.