Forex News

04:26:26 06-06-2023

USD/CNY fix: 7.1075 vs. the prior close of 7.1009

In recent trade today, the Peoples Bank of China (PBOC) set the yuan at 7.1075 vs. the prior close of 7.1009.

About the fix

China maintains strict control of the yuans 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 Peoples Bank of China (PBOC) sets a so-called daily midpoint fix, based on the yuans previous day's closing level and quotations taken from the inter-bank dealer.

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