USD/CNY fix: 6.4072 vs previous 6.3811

In earlier trade today, the People’s Bank of China (PBOC) set the yuan, (USD/CNY), at 6.4072 vs the estimate of 6.4056 and the previous 6.3811.

About the fix

China maintains strict control of the yuan’s rate on the mainland.

CNY differs from its offshore yuan, or CNH, which is not as tightly controlled as the onshore yuan.

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.