The People's Bank of China sets the exchange rate of the dollar at 7.1706 yuan.

On Friday morning, the People's Bank of China decided to set the exchange rate of the yuan against the US dollar at 7.1706 yuan per dollar, while expectations pointed to a rate of 7.2739 yuan. The closing price of the pair in yesterday's session was 7.2899 yuan. The bank also injected 85.2 billion yuan through repurchase agreements in the markets for a term of 7 days, at an interest rate of 1.5%.

It is noteworthy that the People's Bank of China influences the exchange rate of the US dollar USD by linking the value of its currency - the yuan - to the US dollar, as the bank employs a fixed exchange rate policy to manage the value of the yuan by keeping it stable against a basket of currencies from China’s trading partners. The basket is measured in terms of the US dollar USD, given that the United States is China's largest trading partner.