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 7.1853PBOC injected 242bn yuan via 7-day reverse repos at 1.40%173.8bn yuan mature todaynet injects 68.2bn yuanEarlier from China:ICYMI - New bank loans in China rose less than expected in MayPBOC says it will will inject cash via outright reverse repos for the second time This article was written by Eamonn Sheridan at www.forexlive.com.