USD/CNY Fixing Rate
Published: July 26, 2026
Sources & Verification
Primary Source
People's Bank of China (PBC) / China Foreign Exchange Trade System (CFETS) — Official document ↗
CPG Analysis
AI-assisted summary of the official source linked above, pending human review.
Verification
AI-assisted summary · generated Sep 10, 2026 · pending human review
This summary was generated by AI from the linked official source. It has not been reviewed line-by-line by a human editor.
⚠ This is a policy signal, not a confirmed rule.
No immediate compliance change has been identified. Monitor for official implementation documents.
⚡ Impact at a Glance
Who is affected
Treasury and FX risk managers at exporters, importers, and multinationals with RMB exposures; banks and FX market makers; cross-border e-commerce and supply-chain finance teams; and investors tracking RMB capital flows.
Cities / Agencies
Nationwide · People's Bank of China (PBC) / China Foreign Exchange Trade System (CFETS)
What to do now
For context only. No compliance action required.
Source & verification
PBOC · AI-assisted summary · generated Sep 10, 2026 · pending human review
Executive Summary
This document explains how China sets the daily central parity rate (the 'fixing rate') for the yuan against the US dollar, a benchmark that anchors onshore trading. Each morning the China Foreign Exchange Trade System (CFETS) polls market makers, discards the highest and lowest quotes, and publishes a weighted average — with a 'counter-cyclical factor' added to damp sentiment-driven swings. It matters because this daily number shapes import/export pricing, corporate FX conversion costs, and capital-flow expectations for anyone doing business in China. It is a standing methodology description, not a new rule taking effect on a specific date.
Key Points
The daily USD/CNY fixing rate is set each trading morning by the China Foreign Exchange Trade System (CFETS) before the market opens, under authorization from the People's Bank of China.
CFETS polls all designated market makers, who base their quotes on the previous day's interbank closing rate, domestic FX supply and demand, and movements in major global currencies.
The highest and lowest quotations are removed, and the remaining quotes are averaged using weights tied to each market maker's trading volume and market-making performance.
A 'counter-cyclical factor' was added to the quotation model by the Foreign Exchange Self-Disciplinary Mechanism to offset pro-cyclical market-sentiment swings and better reflect economic fundamentals.
CFETS announces fixing rates against the US dollar and an expanding basket of other currencies daily on its website — onshore trading is allowed to move only within a band around this rate.
The page is descriptive background material; the document itself notes a last update of November 29, 2018 (with a 2021 Chinese-language date), meaning no new obligation or change is created.
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📝 Update History
July 29, 2026
The new version of the
August 10, 2026
Policy content updated; see official source for details.
September 9, 2026
Policy content updated; see official source for details.
September 10, 2026
Policy content updated; see official source for details.