FXStreet and RTHK reported China's daily yuan reference rate at 6.7162 yuan per U.S. dollar for Monday, Oct. 26, 0.0018 below Friday's level and a stronger benchmark for the currency.
The People's Bank of China (PBOC) rate chart lists Friday, Oct. 23, at 6.7180. Because the pair is quoted in yuan per dollar, the lower reading represents a stronger yuan reference. Monday's rate follows the Friday benchmark reported by EconoTimes.
FXStreet said Reuters had estimated 6.6691 for Monday. The reported fixing was 0.0471 yuan above that figure.
The China Foreign Exchange Trade System (CFETS), authorized by the PBOC to publish daily central parity rates, uses market-maker submissions to calculate the midpoint. Market makers consider currency supply and demand, the previous interbank close and movements in major currencies when submitting quotes. CFETS discards the highest and lowest submissions before weighting the rest. The midpoint guides the session but does not set the price of each spot transaction; CFETS rules allow USD/CNY spot trading within a 2% margin on either side of the benchmark.
