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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.

By Simone Attah2 min readNVDA
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Key takeaways

  • The People's Bank of China set the yuan's daily reference rate at 6.7911 against the U.S. dollar on July 27 in Beijing.
  • The PBOC publishes this official midpoint before onshore markets open each session, and dealers then trade the yuan within a permitted range around it.
  • The fixing mechanism gives Chinese authorities direct control over the currency's daily starting price rather than letting it float freely.
  • Because the central bank sets the rate directly, the published midpoint functions as a policy signal of allowed appreciation or depreciation.
  • Companies and institutions with dollar-yuan exposure use the official rate as the session's baseline.

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.

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Frequently asked

What rate did the PBOC set for the yuan?

The People's Bank of China fixed the yuan's daily reference rate at 6.7911 against the U.S. dollar.

When is the reference rate published?

The central bank issues the reference rate before onshore markets open each session.

Why does the reference rate matter?

Because the PBOC sets it directly, the rate functions as a policy signal, and shifts from session to session indicate whether the bank is allowing yuan appreciation or depreciation against the dollar.

How does the fixing mechanism work?

From the published midpoint, authorized dealers trade the yuan within a range the central bank permits, giving authorities control over the currency's daily starting price.

Who uses the official rate?

Companies and institutions carrying dollar-yuan exposure use the official rate as the session's baseline.