USD/CNY fix: Mid-point at 6.6957 vs last close 6.6915

The People’s Bank of China (PBOC) set the yuan mid-point at 6.6957 today vs last close 6.6915.

China maintains strict control of the yuan’s rate on the mainland, the current known as CNY which differs from its offshore yuan, or CNH, which 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 inter-bank dealer.