PBOC sets USD/CNY reference rate at 6.6923 on Friday

The People’s Bank of China (PBOC) sets the USD/CNY reference rate at 6.6.693 on Friday, compared to the previous close at 6.7034 and Thursday's PBOC fix of 6.7099.

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.

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