China’s Foreign Exchange Trade System (CFETS), acting under authorization from the People’s Bank of China (PBOC), published the yuan’s midpoint at 6.7191 per dollar for Nov. 11, a weaker benchmark than Tuesday’s.
The rate increased by 0.0024 from 6.7167 on Nov. 10. USD/CNY expresses the number of yuan for one U.S. dollar, so the higher midpoint assigns more yuan to the dollar at the reference rate.
The fixing was above the 6.6855 estimate that FXStreet and investingLive attributed to Reuters.
CFETS derives the daily figure from market-maker submissions made before interbank trading begins. Its methodology weighs the prior session’s close and foreign-exchange supply and demand alongside movements in major currencies.
Spot transactions are priced in the market, subject to CFETS’s permitted band around the midpoint. CFETS rules allow onshore USD/CNY spot trading to move within 2% above or below the reference. EconoTimes previously covered the Nov. 6 fixing.
