The People's Bank of China sets the exchange rate of the dollar at 7.1889 yuan.

The People's Bank of China decided on Monday morning to set the exchange rate of the yuan against the US dollar at 7.1889 yuan per dollar. Expectations had indicated a rate of 7.1893 yuan, and the closing rate for the pair yesterday was 7.1893 yuan.

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

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