VOT Research Desk
The People’s Bank of China (PBOC) placed the yuan (CNY) at 6.9746 today in recent activity, down from the previous closing of 6.9779.
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.
