USD/CNY fix: 6.6332 vs. last close 6.6535, weakest since Nov 5 2020

In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 6.6332 vs. the last close of 6.6535 which is the weakest level set since Nov 5 2020. This was vs. the estimate of 6.6402.

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 closing level and quotations taken from the inter-bank dealer.