The People's Bank of China sets the exchange rate of the dollar at 7.1891 yuan.

On Tuesday morning, the People's Bank of China decided to set the exchange rate of the yuan against the US dollar at 7.1891 yuan per dollar, while expectations indicated it would be set at 7.2842 yuan. The closing price of the pair during yesterday's session was 7.2836 yuan. The bank also injected 355 billion yuan into the markets through seven-day reverse repos, yielding 1.5%.

It is worth noting that the People's Bank of China influences the value of the US dollar by pegging the value of its currency—the yuan—to the dollar, employing a fixed exchange rate policy. This differs from the free-floating exchange rate used by the United States and many other countries, allowing the Chinese currency to move within a narrow range.

The People's Bank manages the value of the yuan by keeping it stable against a basket of currencies from countries that are considered China's trading partners, with the basket being measured against the US dollar since the United States is China's largest trading partner.