The People's Bank of China sets the yuan exchange rate at 6.4300
On Monday morning, the People's Bank of China set the yuan's exchange rate against the US dollar at 6.4300 yuan per dollar, while expectations were for stability at 6.4295 yuan per dollar. Also, the Bank of China injected about 10 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.