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%.Previous close was 7.1750PBOC injected 69bn yuan via 7-day reverse repos at 1.40%131bn yuan mature todaynet drain 62bn yuanEarlier:It looks like the PBOC is sweating over the sharp appreciation of the yuan against the USDChina eyes plan to ramp up offshore bond purchases via Southbound Connect This article was written by Eamonn Sheridan at www.forexlive.com.