In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) reference rate at 6.3972 vs the previous fix of 6.3956 and the previous close of 6.3865
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 closing level and quotations taken from the inter-bank dealer.
In other semi-related news, China and the US Commerce heads have agreed to manage their differences properly and agree to push forward with trade and investment ties.
