The People's Bank of China sets the yuan at $6.4069

 On Wednesday morning, the People's Bank of China set the yuan's exchange rate against the US dollar at 6.4069 yuan per dollar, while expectations were for stability at 6.4090 yuan per dollar. Also, the Bank of China injected about 100 billion yuan into the 7-day repurchase market.

It should be noted that the Bank of China influences the price of the dollar USD by linking the value of its currency - the yuan - to the currency of the dollar USD. The bank uses a fixed exchange rate policy, which differs from the floating exchange rate used by the United States and many other countries.

The Bank of China manages the value of the yuan by keeping it fixed against a basket of currencies of countries that are China's partners. The basket is measured at USD, given that the United States is China's largest trading partner.