In recent trade today, the People’s Bank of China (PBOC) set the yuan mid-point against the dollar at 6.4845 vs the last close of 6.4817.
About the fix
China maintains strict control of the yuan’s rate on the mainland, the current known as CNY which differs from its offshore yuan, or CNH, which 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.
This article was originally published by Fxstreet.com. Read the original article here.