In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 6.7465 vs. the estimate at 6.7445.
At the same time, China left the five-year loan prime rate unchanged at 4.45% as expected. The PBoC also left the one-year loan prime rate unchanged at 3.70% as expected.
About the fix
China maintains strict control of the yuan’s rate on the mainland.
The onshore yuan (CNY) differs from the offshore one (CNH) in trading restrictions, this last one is not as tightly controlled.
Each morning, the People’s Bank of China (PBOC) sets a so-called daily midpoint fix, based on the yuan’s previous day's closing level and quotations taken from the inter-bank dealer.
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