PBOC sets USD/CNY reference rate at 6.7447 on Monday

The People’s Bank of China (PBOC) set the USD/CNY reference rate at 6.7447 on Monday when compared to the previous fix and the previous close at 6.7503 and 6.7574 respectively.

It’s worth noting that the PBOC’s USD/CNY fix dropped to the lowest levels since June 15 the previous day. Further, Monday’s crossed market expectations of printing 6.7458 figure.

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.