PBoC leaves loan prime rate duo unchanged, fixed USD/CNY at 6.7465 vs. the estimate at 6.7445

Ross J Burland FXStreet

In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 6.7465 vs. the estimate at 6.7445.

At the same time, China left the five-year loan prime rate unchanged at 4.45% as expected. The PBoC also left the one-year loan prime rate unchanged at 3.70% as expected.

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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