July 20, 2022 - 11:45 AM 279 views
The People's Bank of China (PBOC) set the Yuan (CNY) at 6.7465 today in recent activity, against the estimate of 6.7445.
China maintained the prime rate for five-year loans at 4.45 percent at the same time, as was predicted. In line with expectations, the PBOC maintained the prime rate for one-year loans at 3.70 percent.
About the Fixation
On the mainland, China maintains tight control over Yuan exchange rates.
The offshore Yuan (CNH), which is less heavily regulated than the onshore Yuan (CNY), has different trading regulations.
The People's Bank of China (PBOC) establishes a so-called daily midpoint fix every morning based on the Yuan's closing level from the previous day and quotes obtained from the inter-bank dealer.
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