The US dollar to Chinese yuan exchange rate is currently at 7.18046, with the fixed rate at 7.1489 compared to the previous day’s rate of 7.1631.
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In recent trade today, the People’s Bank of China (PBOC) set the yuan at 7.1489 vs. the last close of 7.1631.
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.
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