USD/CNY fix: 6.4596 vs. the established 6.4641

Ross J Burland FXStreet

In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 6.4596 vs. the established 6.4641 vs. the previous 6.4098.

Additionally, the Governor of the bank Yi Gang has said that they will provide more support for the real economy and that monetary policy will focus on supporting small firms, and sectors hit by COVID-19. The governor was noting that the covid situation also put more pressure on China’s economy.

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.

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