USD/CNY fix: 6.5484 vs 6.5762 prior and 6.5590 prior close

The People’s Bank of China (PBOC) set the yuan mid-point at 6.5484 vs 6.5762 and 6.5590 prior close.

PBoC to inject CNY70bln via 7-day reverse repos in open market ops.

About the fix

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.