The People's Bank of China sets the exchange rate of the dollar at 7.1854 yuan.

On Thursday morning, the People's Bank of China decided to set the exchange rate of the yuan against the US dollar at 7.1854 yuan per dollar, while forecasts had indicated it would be set at 7.2438 yuan. The closing price for the pair in yesterday's session was 7.2615 yuan. The bank also injected 66 billion yuan into the markets through repurchase operations for a duration of 7 days, at a yield of 1.5%.

It is worth noting that the People's Bank of China influences the price of the US dollar (USD) by pegging the value of its currency—the yuan—to the USD. The bank employs a fixed exchange rate policy, which differs from the floating exchange rate used by the United States and many other countries, allowing for only a narrow range of movement for China’s currency.

The People's Bank of China manages the value of the yuan by keeping it stable against a basket of currencies from countries that are considered partners of China. This basket is measured in USD terms since the United States is China's largest trading partner.