USD/CNY fix: 6.9160 vs. last close of 6.9545

In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at  6.9160vs. the last close of 6.9545 and at the strongest bias on record compared to estimates

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.