USD/CNY fix: 6.7050 vs prev fix 6.7232; prev close 6.6932
|People's Bank of China fixes USD/CNY reference rate at 6.7050 (prev fix 6.7232; prev close 6.6932).
Meanwhile, China’s official October purchasing managers’ surveys were released on Saturday, showing little change.
Manufacturing 51.4 versus 51.5 in September and Services 56.2 versus 55.9.
Today, we await the Caixin Manufacturing PMI that will be impacted by less workdays due to Golden Week holidays.
About the fix
China maintains strict control of the yuan’s rate on the mainland, the current known as CNY which differs from its offshore yuan, or CNH, which not as tightly controlled as the onshore yuan.
Each morning, the People’s Bank of China (PBOC) sets a so-called daily midpoint fix, based on the yuan’s previous day closing level and quotations taken from inter-bank dealer.
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