USD/CNY fix: 6.7437 vs. estimate at 6.7414, close of 6.7466

In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at  6.7437 vs. the estimate of 6.7414 vs. the last close of 6.7466.

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.