In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 7.1107 vs. the previous fix of 7.0722 and the prior close of 7.1800 and vs. the estimate at 7.1095.

The yuan has weakened to a record low against the US dollar following another weaker than expected fix.

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.