USD/CNY fix: 6.4978 vs last close 6.5060

In recent trade today, the People’s Bank of China (PBOC) set the yuan mid-point at 6.4978 vs last close of 6.5060.

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.