People's Bank of China expected to set USD/CNY reference rate

The People's Bank of China (PBOC) is expected to set the daily USD/CNY reference rate at approximately 6.7379, according to Reuters estimates. This daily midpoint is a critical signal for Asian foreign exchange markets, as China utilizes a managed floating exchange rate system.

Under this system, the renminbi is permitted to trade within a 2% band around the official midpoint set by the PBOC. The determination of this midpoint incorporates factors such as the previous day's closing price, movements in major currencies like the US dollar, international FX conditions, and domestic economic stability factors.

Bank of China exchange rates for August 9, 2026, show the USD/CNY spot buying rate at 673.72 and the selling rate at 676.55. The daily fixing serves as a policy indicator, where a stronger-than-expected midpoint suggests the central bank is resisting depreciation, while a weaker fixing may indicate tolerance for a softer currency.