China set its daily yuan reference rate at 6.7146 per dollar for Nov. 2, a small increase from Friday that points to a weaker official benchmark for the currency and guides the interbank trading session.
The State Administration of Foreign Exchange rate table listed the rate at 6.7138 on Oct. 30. The 0.0008 yuan increase equals eight pips. Because USD/CNY is quoted in yuan per dollar, a higher number represents a weaker yuan reference.
FXStreet reported that Reuters had estimated a rate of 6.6625. The published fixing was 0.0521 yuan per dollar, or 521 pips, above that estimate.
The China Foreign Exchange Trade System (CFETS) publishes the daily parity under authorization from the People’s Bank of China. The fixing serves as a session reference; individual spot transactions can differ, within the permitted trading range. EconoTimes previously explained how the yuan fixing is calculated.