{"id":51469,"date":"2026-03-09T13:14:17","date_gmt":"2026-03-09T13:14:17","guid":{"rendered":"https:\/\/xlence-com.wp-dev.int.theitops.net\/news-analysis\/pboc-sets-usd-cny-reference-rate-at-7-0583-vs-7-0573-previous\/"},"modified":"2026-03-09T13:14:17","modified_gmt":"2026-03-09T13:14:17","slug":"pboc-sets-usd-cny-reference-rate-at-7-0583-vs-7-0573-previous","status":"publish","type":"news_analysis","link":"https:\/\/www.xlence.com\/ko\/news-analysis\/pboc-sets-usd-cny-reference-rate-at-7-0583-vs-7-0573-previous\/","title":{"rendered":"PBOC sets USD\/CNY reference rate at 7.0583 vs. 7.0573 previous"},"content":{"rendered":"<p>The People\u2019s Bank of China (PBOC) sets the USD\/CNY central rate for the trading session ahead on Thursday at 7.0583 compared to the previous day&#8217;s fix of 7.0573.<\/p>\n<div class=\"post-module\">\n<div id=\"content-module-faq-Forex-pboc-196\" data-type=\"faq\" data-module=\"faq\" data-config-topic=\"pboc\" data-config-category=\"Forex\" data-version=\"v1\" data-content-module-translate=\"0\">\n<div class=\"fxs-faq-module-wrapper\">\n<h2 class=\"fxs-faq-module-title\">PBOC FAQs<\/h2>\n<div class=\"fxs-faq-module-container\"><input id=\"content-module-faq-Forex-pboc-196accordion0\" checked type=\"checkbox\"><\/p>\n<section class=\"fxs-faq-module-section\">\n<h3 class=\"fxs-faq-module-header\"><label for=\"content-module-faq-Forex-pboc-196accordion0\"><br \/>\nWhat does the People&#8217;s Bank of China do?<br \/>\n<\/label><\/h3>\n<p class=\"fxs-faq-module-content\">The primary monetary policy objectives of the People&#8217;s Bank of China (PBoC) are to safeguard price stability, including exchange rate stability, and promote economic growth. China\u2019s central bank also aims to implement financial reforms, such as opening and developing the financial market. <\/p>\n<\/section>\n<p><input id=\"content-module-faq-Forex-pboc-196accordion1\" type=\"checkbox\"><\/p>\n<section class=\"fxs-faq-module-section\">\n<h3 class=\"fxs-faq-module-header\"><label for=\"content-module-faq-Forex-pboc-196accordion1\"><br \/>\nWho owns the PBoC?<br \/>\n<\/label><\/h3>\n<p class=\"fxs-faq-module-content\">The PBoC is owned by the state of the People&#8217;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\u2019s management and direction, not the governor. However, Mr. Pan Gongsheng currently holds both of these posts.  <\/p>\n<\/section>\n<p><input id=\"content-module-faq-Forex-pboc-196accordion2\" type=\"checkbox\"><\/p>\n<section class=\"fxs-faq-module-section\">\n<h3 class=\"fxs-faq-module-header\"><label for=\"content-module-faq-Forex-pboc-196accordion2\"><br \/>\nWhat are the main policy tools used by the PBoC?<br \/>\n<\/label><\/h3>\n<p class=\"fxs-faq-module-content\">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\u2019s 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\u2019s central bank can also influence the exchange rates of the Chinese Renminbi.    <\/p>\n<\/section>\n<p><input id=\"content-module-faq-Forex-pboc-196accordion3\" type=\"checkbox\"><\/p>\n<section class=\"fxs-faq-module-section\">\n<h3 class=\"fxs-faq-module-header\"><label for=\"content-module-faq-Forex-pboc-196accordion3\"><br \/>\nAre private banks allowed in China?<br \/>\n<\/label><\/h3>\n<p class=\"fxs-faq-module-content\">Yes, China has 19 private banks \u2013 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.  <\/p>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The People\u2019s Bank of China (PBOC) sets the USD\/CNY central rate for the trading session ahead on Thursday at 7.0583 compared to the previous day&#8217;s fix of 7.0573.<\/p>\n","protected":false},"author":2,"featured_media":51470,"template":"","news_category":[179],"class_list":["post-51469","news_analysis","type-news_analysis","status-publish","has-post-thumbnail","hentry","news_category-latest-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>USD\/CNY Reference Rate Set at 7.0583 by PBOC<\/title>\n<meta name=\"description\" content=\"USD\/CNY reference rate was set at 7.0583 by the PBOC, slightly higher than the 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