The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a "band," around a central reference rate, or "midpoint." It's currently at +/- 2%.The previous close was PBOC injects 78.3bn yuan at 1.40% via 7-day reverse reposDrains net 259bn yuan in today's open market operations This article was written by Eamonn Sheridan at investinglive.com.