In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 6.4969 vs the last close 6.5012.
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.
This article was originally published by Fxstreet.com. Read the original article here.