In recent trade today, the People’s Bank of China (PBOC) set the yuan mid-point at 6.5476 vs last close 6.5450.
Meanwhile, the US dollar is correcting in a significant move on the daily chart.
Elusive political deals in Brexit and US Congress are weighing on risk sentiment and pressuring global equities which in turn has supported the greenback.
About the fix
China maintains strict control of the yuan’s rate on the mainland, the current known as CNY which differs from its offshore yuan, or CNH, which 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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