US Dollar Chinese Yuan fix: 7.1566 vs. closing rate of 7.1659

The People's Bank of China (PBOC) attached the yuan at 7.1566 today, compared to the expectation of 7.1550 and the closing price of 7.1659. In addition, China's interest rate will stay steady in June 2023 at 3.65%.

Concerning the repair

On the mainland, China maintains tight control over the yuan's exchange rate.

In terms of trading limitations, the onshore yuan (CNY) varies from the offshore yuan (CNH), which is less heavily controlled.

Every morning, the People's Bank of China (PBOC) establishes a so-called daily midpoint fix based on the previous day's yuan closing level and inter-bank dealer quotations.