In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 6.3382 vs the last close of 6.3206 and estimate at 6.3333. Yesterday was the strongest fix since April 2018.
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 closing level and quotations taken from the inter-bank dealer.
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