Fix for USD/CNY: 6.6986 as Opposed to the Last Fix of 6.7071

In today’s new trade, the People’s Bank of China (PBOC) fixed the Yuan currency (CNY) at 6.6986 points in comparison with the preceding day’s trade, which was fixed at 6.7071 points, and the previous day's trade, which closed at 6.6988 points.

July 05, 2022 - 12:11 PM 256 views

Fix for USD/CNY: 6.6986 as Opposed to the Last Fix of 6.7071

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© Fix for USD/CNY: 6.6986 as Opposed to the Last Fix of 6.7071

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In today’s new trade, the People’s Bank of China (PBOC) fixed the Yuan currency (CNY) at 6.6986 points in comparison with the preceding day’s trade, which was fixed at 6.7071 points, and the previous day's trade, which closed at 6.6988 points.

About the Fixation

China maintains tight control over the Yuan currency rate (CNY) on the mainland.

The onshore Yuan currency (CNY) is always differentiated from the offshore Yuan currency (CNH) in trading limitations, but the latter one is not as rigidly managed.

On each morning, the People’s Bank of China (PBOC) fixes a so-called mid-point fix, which is based on the Yuan’s currency (CNY) preceding day’s closed value and the various kinds of quotations taken from the inter-bank dealer.

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