China central bank sets yuan reference rate at 6.7911 per dollar
BEIJING, July 27. The People's Bank of China fixed the yuan's daily reference rate at 6.7911 against the U.S. dollar. The central bank publishes this official midpoint each session, anchoring onshore yuan trading and signaling the state's view of the appropriate dollar-yuan rate.
BEIJING, July 27. The People's Bank of China fixed the yuan's daily reference rate at 6.7911 against the U.S. dollar. The central bank publishes this official midpoint each session, anchoring onshore yuan trading and signaling the state's view of the appropriate dollar-yuan rate.
The PBOC fixing mechanism
The People's Bank of China issues the reference rate before onshore markets open. From that published midpoint, authorized dealers trade the yuan within a range the central bank permits. The mechanism gives Chinese authorities direct control over the currency's daily starting price, separating the yuan from exchange rates that move freely without official intervention.
The 6.7911 rate is the bank's declared midpoint for dollar-yuan trading in the current session.
Why the reference rate carries weight
Because the People's Bank of China sets the reference rate directly, the published figure functions as a policy signal. A shift in the midpoint from one session to the next tells market participants whether the bank is allowing yuan appreciation or depreciation against the dollar.
Companies and institutions carrying dollar-yuan exposure use the official rate as the session's baseline. The People's Bank of China, not market forces alone, determines where that baseline sits each day. The rate stands at 6.7911.