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