USD/CNY fix: 6.4749 vs the previous fix at 6.4693

In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 6.4749 vs the previous fix at 6.4693 vs the previous close of 6.4634.

Open market ops

Injects cny60bln via 7 day reverse repos at 2.20%.

Inject cny60bln via 14 day reverse repos at 2.35%.

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 closing level and quotations taken from the inter-bank dealer.