USD/CNY fix: 6.5416 vs close 6.5418

In recent trade today, the People’s Bank of China (PBOC) set the yuan mid-point at 6.5416 vs the previous fix of 6.5376 and the previous close of 6.5418.

The was the weakest since Dec 29 2020.

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.