USD/CNY fix: 6.3956 vs the previous fix of 6.3909

In earlier trade today, the People’s Bank of China (PBOC) set the yuan (CNY) reference rate at 6.3956 vs the previous fix of 6.3909 and the previous close of 6.4010.

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.