USD/CNY fix: 7.2081 vs. the last close of  7.3050

In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 7.2081 vs. the last close of  7.3050 which was the weakest since January 24 2008.

This is the weakest level since February 14,  2008.

About the fix

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.