The People’s Bank of China set the USD/CNY central rate at 6.7147 for the next trading session. The previous day’s fix was 6.7165. A Reuters estimate had put the rate at 6.6596, so the official midpoint came in weaker than the market expected.
By our market data, as of 01:35 GMT, USD/CNH stood at 6.6615, near its 31-day low.
Reading the fixing
The central rate is the midpoint around which the yuan is allowed to trade on any given day.
The article does not give a reason for the change between the two fixings. It also does not say whether the gap to the Reuters estimate was unusual.
Background on the central bank
The People’s Bank of China is owned by the state. Pan Gongsheng holds both the governor post and the Communist Party committee secretary post at the bank.
The central bank also sets the loan prime rate, which it describes as China’s benchmark interest rate.
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Source: People's Bank of China | Data: Swissquote
