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    The PBOC set the USD/CNY reference rate at 7.0833, which is lower than before.

    by VT Markets
    /
    Nov 12, 2025

    Private Banks in China

    China has 19 private banks, with WeBank and MYbank being the largest. These are mostly digital lenders supported by big tech companies like Tencent and Ant Group. Since 2014, fully domestic private banks have participated in the financial market, which has long been controlled by the state. This information discusses currency changes and policy strategies but does not offer investment advice. It’s important to do your own research before making any investment decisions, as there are always risks involved. The insights shared are intended strictly for informational purposes. The People’s Bank of China has set the yuan stronger than anticipated at 7.0833 against the dollar. This decision shows a clear aim to stop the yuan from weakening further, indicating that the bank is drawing a firm boundary for now.

    China’s Economic Indicators

    This action follows China’s Q3 GDP growth, which was slightly disappointing at 4.8%, falling short of expectations. Additionally, the producer price index for October fell by 1.5% year-over-year. This suggests that the authorities are trying to support growth while maintaining financial stability. These numbers indicate that while the domestic economy needs support, quickly depreciating currency is not the best solution. Create your live VT Markets account and start trading now.

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