The rate of the yuan is strictly regulated by China.
In terms of trading regulations, the onshore yuan (CNY) is different from the offshore yuan (CNH), which is less heavily regulated.
The People’s Bank of China (PBOC) establishes a so-called daily midpoint fix every morning using quotes obtained from the inter-bank dealer and the yuan’s closing level from the previous day..
“The People’s Bank of China (PBOC) just set the yuan (CNY) at 6.9713 compared to its previous closing price of 6.9810.”