VOT Research Desk
The People’s Bank of China (PBOC) set the yuan (CNY) today in recent trade at its lowest level since September 21 (6.9746 vs. the previous closing of 6.9605). 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.
