In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 7.1102 vs. the previous fix of 7.1107 and the prior close of 7.2020. The estimate was at 7.1066.
The yuan had weakened to a record low against the US dollar following another weaker-than-expected fix the prior day.
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's closing level and quotations taken from the inter-bank dealer.
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