USD/CNY fix: 7.1566 vs. closing price of 7.1659

In recent trade today, the People’s Bank of China (PBOC) set the yuan at  7.1566 vs. the estimate at 7.1550 and the closing price of 7.1659.

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.