USD/CNY fix: 6.4098 vs. the estimate of 6.4134

Ross J Burland FXStreet

In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 6.4098 vs. the estimate of 6.4134 and the previous of 6.3996.

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.

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.

EUR/USD remains stronger near 1.1750 as US Dollar weakens, Germany's ZEW index surges

EUR/USD extends its gains for the third consecutive session, trading around 1.1730 during the Asian hours on Wednesday. The pair appreciates as the US Dollar continues to lose ground amid rising United States–Greenland concerns.

GBP/USD eases from tops, back to 1.3460

GBP/USD is extending its winning streak into a second session, now surrendering some gains and receding toward the 1.3460 area on Tuesday. Cable’s rebound remains propped up by the persistent selling pressure on the Greenback, while the British Pound appears, for now, largely unfazed by the mixed signals from the UK labour market.

Gold rises above $4,750 amid US-Europe tensions

Gold price climbs to near $4,775 during the early Asian trading hours on Wednesday. The precious metal extends the rally and is poised for another record high amid a time of political and economic uncertainty. The speech by US President Donald Trump at the World Economic Forum in Davos, Switzerland, will be in the spotlight later on Wednesday.