The exchange rate between USD and CNY is currently at 7.27503, while the People’s Bank of China has set the reference rate at 7.1856, slightly lower than the previous rate of 7.1883.
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People’s Bank of China (PBoC) set the USD/CNY central rate at 7.1856 on Monday, versus the previous fix of 7.1883 and market expectations of 7.2854. It’s worth noting that the USD/CNY closed near 7.2865 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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