[REVISION HISTORY]

PBOC USD/CNY exchange rate management

Updated 5 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-31 05:44 UTC → 2026-09-10 01:12 UTC · added ~~removed~~

The People’s Bank of China (PBOC) continues to manage the USD/CNY reference rate through its managed floating exchange rate system. Following a midpoint of approximately 6.7379 on August 9, 2026, the PBOC set the central reference rate at 6.7878 on August 14, a slight adjustment from the previous day’s fix of 6.7888. On August 21, 2026, the PBOC set the USD/CNY central reference rate at 6.7817, deviating from a Reuters estimate of 6.7262. This was followed by a rate of 6.7841 on August 24, up from the previous session's fix of 6.7817. On August 25, the PBOC set the daily yuan midpoint at 6.7852, which was 633 pips below the Reuters consensus estimate, marking the largest weak-side deviation since February 27. On August 26, the rate was set at 6.7829, compared to the previous day’s fix of 6.7852. On August 31, the PBOC set the central reference rate at 6.7828, an increase from the previous Friday’s fix of 6.7811. On September 9, the PBOC set the central reference rate at 6.7769, down from the previous day’s fix of 6.7804. Analysts have noted a pattern emerging since late July where the PBOC has consistently fixed the midpoint below market expectations. This strategy appears intended to moderate the yuan’s recent strength, as the currency has gained approximately 4% year-to-date. By managing the daily reference rate, the PBOC influences the onshore spot yuan to prevent rapid appreciation that could impact export competitiveness. Under this system, the renminbi is permitted to trade within a 2% band around the official midpoint. ~~The PBOC determines this midpoint based on international foreign exchange conditions, previous closing prices, and domestic economic stability factors.~~

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