USD/CNY fix: 6.3418 vs estimate at 6.3386

In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 6.3418 vs the last close of 6.3304 and the estimate at 6.3386.

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.