The People's Bank of China has decided to set the exchange rate of the dollar against the yuan at 7.1780 yuan per dollar, while the Reuters survey expected the pair to reach 7.2496 yuan. The dollar-yuan pair had closed the previous session at 7.2506 yuan per dollar. The People's Bank of China also injected 1,353 billion yuan in a 7-day reverse repurchase operation with a yield of 1.5%. It is worth noting that the People's Bank of China influences the exchange rate of the US dollar (USD) by pegging its currency value—the yuan—to the dollar (USD). The bank uses a fixed exchange rate policy, managing the value of the yuan by keeping it stable against a basket of currencies of countries that are considered partners with China, and the basket is measured by the dollar (USD) because the United States is China's largest trading partner. Read also: - Australia intends to impose strict regulations on cryptocurrencies - Collective decline in European markets... and the Spanish IBEX deviates from the trend
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