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26 Mar 2025

PBOC sets USD/CNY reference rate at 7.1754 vs. 7.1788 previous

On Wednesday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1754 as compared to the previous day's fix of 7.1788 and 7.2559 Reuters estimate.

PBOC FAQs

The primary monetary policy objectives of the People's Bank of China (PBoC) are to safeguard price stability, including exchange rate stability, and promote economic growth. China’s central bank also aims to implement financial reforms, such as opening and developing the financial market.

The PBoC is owned by the state of the People's Republic of China (PRC), so it is not considered an autonomous institution. The Chinese Communist Party (CCP) Committee Secretary, nominated by the Chairman of the State Council, has a key influence on the PBoC’s management and direction, not the governor. However, Mr. Pan Gongsheng currently holds both of these posts.

Unlike the Western economies, the PBoC uses a broader set of monetary policy instruments to achieve its objectives. The primary tools include a seven-day Reverse Repo Rate (RRR), Medium-term Lending Facility (MLF), foreign exchange interventions and Reserve Requirement Ratio (RRR). However, The Loan Prime Rate (LPR) is China’s benchmark interest rate. Changes to the LPR directly influence the rates that need to be paid in the market for loans and mortgages and the interest paid on savings. By changing the LPR, China’s central bank can also influence the exchange rates of the Chinese Renminbi.

Yes, China has 19 private banks – a small fraction of the financial system. The largest private banks are digital lenders WeBank and MYbank, which are backed by tech giants Tencent and Ant Group, per The Straits Times. In 2014, China allowed domestic lenders fully capitalized by private funds to operate in the state-dominated financial sector.

 

Mar 26, 2025

BoJ’s Ueda says to keep raising interest rates if economy on track

Bank of Japan Governor Kazuo Ueda said early Wednesday that the Japanese central bank will continue to raise interest rates if economic and price developments move in line with its projections, per Reuters.
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Mar 26, 2025

Australian Dollar loses ground following downbeat Monthly CPI

The Australian Dollar (AUD) edges lower against the US Dollar (USD) after Wednesday’s release of the Monthly Consumer Price Index (CPI), which rose 2.4% year-over-year in February, slightly below January’s 2.5% increase and market expectations of 2.5%.
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