When Chinese exporters repatriate other currencies, they take them to the PBOC to convert to yuan. Converting these immense amounts of foreign currencies entering China is one of the tasks designated to the PBOC. Because it is a central bank, the PBOC is free to print any amount of yuan needed to exchange for forex markets. Because the PBOC can print as much local currency as they please they have been able to keep the yuan exchange rate in a tight range over the past decade, ensuring that Chinese exports remain cheaper, and that China maintains its position as the top manufacturing and exporting economy.