USD/CNY fix: 6.4700 vs prior close 6.4786

Ross J Burland FXStreet

In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) reference rate at 6.4700 vs the previous fix of 6.4705 and the previous close of 6.4786.

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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