USD/CNY fix: 6.4895 vs prior 6.4745

Ross J Burland FXStreet

In recent trade today, the People’s Bank of China (PBOC) set the yuan mid-point at 6.4895 vs prior 6.4745.

About the fix

China maintains strict control of the yuan’s rate on the mainland.

CNY differs from its offshore yuan, or CNH, which is not as tightly controlled as the onshore yuan.

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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