USD/CNY fix: 7.1668 (prev fix 7.1230 prev close 7.2629)

In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at the weakest level since 2008, 7.1668 vs. the prior 7.1230 and the previous close of 7.2629.

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.