The People's Bank of China (PBOC) set the yuan's daily reference rate at 6.7180 per dollar for Nov. 4, a weaker benchmark than the prior session and above a Reuters estimate cited by two outlets.
The rate was 0.0030 yuan above the 6.7150 set Nov. 3, according to the China Foreign Exchange Trade System (CFETS), the PBOC-authorized publisher of the daily parity. Because the quote measures yuan per dollar, the increase means the official reference assigns more yuan to each dollar, indicating a weaker yuan benchmark.
FXStreet and InvestingLive each cited Reuters' estimate of 6.6811. The published rate was 0.0369 yuan per dollar higher than that estimate.
CFETS's daily parity calculation method uses market-maker quotes collected before trading begins. The submissions account for the previous interbank close, foreign-exchange supply and demand, and movements in major currencies. CFETS removes the highest and lowest submissions, then calculates a weighted average from those remaining. The parity serves as a reference for the trading session, while individual spot transactions can differ from it.
