USD/CNY fix: 6.8949 vs. estimate of 6.8933

In recent trade today, the People’s Bank of China (PBOC) set the yuan at 6.8949 vs. the estimation of at 6.8933.

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's closing level and quotations taken from the inter-bank dealer.