USD/CNY fix: 6.8847 vs. estimate of 6.8853

In recent trade today, the People’s Bank of China (PBOC) set the yuan at 6.8847 vs. an estimate of 6.8853 and the last close 6.8947.

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.