Bank of China sets the yuan against the US dollar at 6.3909

On Tuesday morning, the People’s Bank of China set the yuan’s exchange rate against the US dollar at 6.3909 dollars, compared to the yuan’s exchange rate, which was set yesterday at 6.3963 dollars. The bank also injected new money into the 7-day repurchase market worth 10 billion yuan .

It is reported that the Bank of China influences the price of the dollar USD by linking the value of its currency – the yuan – to the currency of the dollar USD , where the bank uses a fixed exchange rate policy, which differs from the floating exchange rate used by the United States and many other countries .

The Bank of China manages the value of the yuan by keeping it fixed against a basket of currencies of countries that are China’s partners. The basket is measured at USD, given that the United States is China’s largest trading partner.