In earlier trade today, the People’s Bank of China (PBOC) set the yuan, (USD/CNY), at 6.3963 vs the previous fix of 6.4072 and the previous close of 6.3950.
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.
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