On Wednesday, the People’s Bank of China (PBOC) set the USD/CNY central rate at 6.9681 versus Tuesday's fix of 6.9546 and market expectations of 6.9687.

It's worth noting that the USD/CNY closed near the 6.9600 round figure on the previous day, taking  rounds to the same by the press time.

About the fix

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

The onshore yuan (CNY) differs from the offshore one (CNH) in trading restrictions, this last one is not as tightly controlled.

Each morning, the People’s Bank of China (PBOC) sets a so-called daily midpoint fix, based on the yuan’s previous day's closing level and quotations taken from the inter-bank dealer.