In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 6.8821 vs. the previous fix of 6.8906 and the prior close of 6.8918. The central bank has set a stronger-than-expected yuan fixing for the seventh day.
About the fix
China maintains strict control of the yuan’s rate on the mainland.
The onshore yuan (CNY) differs from the offshore one (CNH) in trading restrictions, this last one is not as tightly controlled.
Each morning, the People’s Bank of China (PBOC) sets a so-called daily midpoint fix, based on the yuan’s previous day’s closing level and quotations taken from the inter-bank dealer.