USD/CNY fix: 6.4425 vs prior 6.4678

In recent trade today, the People’s Bank of China (PBOC) set the yuan mid-point at 6.4425 vs the estimated 6.4400 and the previous 6.4678.

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.