The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan.a managed floating exchange rate system that allows the value of the yuan to fluctuate within a "band" currently at +/- 2%In open market operations today the People's Bank of China injected 69.5bn yuan in 7-day reverse repos at an unchanged rate of 1.4%and injects 600bn yuan in overnight RRs This article was written by Eamonn Sheridan at investinglive.com.