USD/CNY fix: 6.5584 vs prior at 6.5713

In recent trade today, the People’s Bank of China (PBOC) set the yuan mid-point at 6.5584 vs the prior day at 6.5713.

Monday's was the weakest since Dec 29 2020, today's was the weakest since 1st Dec 2020. 

About the fix

China maintains strict control of the yuan’s rate on the mainland.

CNY differs from its offshore yuan, or CNH, which is 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 the inter-bank dealer.