The People’s Bank of China (PBOC) on Monday set the daily midpoint fix for USD/CNY at 7.1161, marking a stronger yuan compared to Friday’s reference rate of 7.1321. The fix also came in below the Reuters consensus estimate of 7.1551, signaling continued efforts by Chinese authorities to stabilize the currency and manage depreciation pressures.
The central parity rate—also known as the daily fix—is set by the PBOC each morning and determines the band in which the yuan is allowed to trade, with a 2% range on either side.
The stronger-than-expected fix comes amid a cautious market backdrop, as the Chinese central bank seeks to maintain exchange rate stability in the face of capital outflows, soft macro data, and diverging monetary policy trends with the Federal Reserve.
