PBOC sets Yuan reference rate at 6.5649 versus Thursday’s 6.5584

China’s central bank, the People's Bank of China (PBOC), has set the Yuan reference rate for Wednesday at 6.5649 versus Thursday’s 6.5584, the weakest since 1st Dec 2020. 

About the fix

China maintains strict control of the yuan’s rate on the mainland.

CNY differs from its offshore yuan, or CNH, which is not as tightly controlled as the onshore yuan.

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.