PBOC fixes USDCNY reference rate at 6.3506 vs. 6.3306 previous

Early Monday in Asia, the People’s Bank of China (PBOC) set the yuan (CNY) reference rate at 6.3506 versus the previous release of 6.3306, also crossing the market expectations of 6.3389.

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.