In recent trade, the People’s Bank of China (PBOC) set the yuan at a rate of 6.9114 vs the previous closing of 6.9128.
China maintains strict control over the value of the yuan on the mainland. The onshore yuan differs from the offshore yuan in trading restrictions, with the offshore yuan remaining not as tightly controlled. Every morning, PBOC sets a daily midpoint fix, based on the yuan’s previous day’s closing level and quotations taken from inter-bank dealers.
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