The People's Bank of China decided to set the exchange rate of the dollar against the yuan at 7.1754 yuan per dollar, while Reuters' survey expectations indicated that the pair would reach 7.2402 yuan. The dollar-yuan pair had closed the previous session at 7.2280 yuan per dollar. Additionally, the People's Bank injected 268.5 billion yuan through 7-day reverse repurchase operations at an interest rate of 1.5%. It is worth noting that the People's Bank of China influences the US dollar exchange rate by linking the value of its currency - the yuan - to the dollar. The bank uses a managed floating exchange rate policy to maintain the yuan's value against a basket of currencies from countries considered China's trade partners, with the basket being measured against the dollar, as the United States is China's largest trading partner. Read more: Bitcoin and Ethereum Lead the Rise of Cryptocurrencies Despite a Decrease in Trading Volume.
