The exchange rate between the US dollar and Chinese yuan is currently at 7.17413, while the People’s Bank of China has decided to set the reference rate at 7.1453, compared to the previous rate of 7.1326.
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People’s Bank of China (PBoC) set the USD/CNY central rate at 7.1453 on Tuesday, versus the previous fix of 7.1326 and market expectations of 7.1704. It’s worth noting that the USD/CNY closed near 7.1740 the previous day.
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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