USD/CNY fix: 6.6.3682 vs the estimate of 6.3690, strongest since May 2018

In recent trade today, the People’s Bank of China (PBOC) set the yuan, (USD/CNY) mid-point at 6.6.3682 vs the estimate of 6.3690; and the previous 6.3858.

This was the strongest since May 17 2018.

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.