Fix for USD/CNY: 6.7756 versus the previous closing of 6.7780

The People's Bank of China (PBOC) placed the yuan (CNY) at 6.7756 today in recent activity, down from the previous closing of 6.7780.

Regarding the fix

China maintains strict control over yuan currency rates on the mainland.

Different trading laws apply to the offshore yuan (CNH), which is less tightly regulated than the onshore yuan (CNY).

Every morning, the People's Bank of China (PBOC) produces a daily midpoint fix using quotes from the inter-bank dealer and the yuan's closing level from the previous day.