USD/CNY fix: 6.3858 vs last close 6.3840, strongest level since May 24, 2018.

In recent trade today, the People’s Bank of China (PBOC) set the yuan, (USD/CNY) mid-point at 6.3858 vs the last close of 6.3840.

This was the strongest level since May 24, 2018.

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.