USD/CNY Fixing Rate
Published: November 4, 2026
Sources & Verification
Primary Source
People's Bank of China (PBoC); 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 Nov 4, 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
Foreign exchange trading, banking and financial services, plus any cross-border trade or investment activity with USD exposure
Cities / Agencies
Nationwide · People's Bank of China (PBoC); China Foreign Exchange Trade System (CFETS)
What to do now
Monitor only — no action required
Source & verification
PBOC · AI-assisted summary · generated Nov 4, 2026 · pending human review
What to watch next
PBoC: changes to the CNY fixing formula or counter-cyclical factor adjustments; CFETS: daily fixing announcements and any revision to the quotation-bank panel or weighting methodology; SAFE: accompanying capital-flow or FX settlement rules
Executive Summary
This page explains how China sets the daily central parity rate (the 'fixing') for the yuan against the US dollar — the reference rate around which the currency is allowed to trade. Each morning the China Foreign Exchange Trade System polls market makers, strips out the highest and lowest quotes, and takes a volume-weighted average, with a 'counter-cyclical factor' added to dampen sentiment-driven swings. Nothing new is being announced here; it is a standing description of the mechanism, last updated in 2018/2021, so it is background reference material rather than a new rule.
Key Points
The fixing rate is set each trading day before market open by the China Foreign Exchange Trade System (CFETS) through a poll of designated market makers.
Market makers base their quotes on the previous day's interbank closing rate, onshore supply and demand, and moves in major global currencies.
CFETS discards the highest and lowest submissions and calculates a weighted average of the rest, with weights tied to each maker's trading volume and market-making performance.
A 'counter-cyclical factor' was added to the quotation formula by the Foreign Exchange Self-Disciplinary Mechanism to offset pro-cyclical, sentiment-driven volatility.
The stated goal is a more market-driven exchange rate regime that better reflects economic fundamentals rather than short-term market mood.
CFETS publishes fixing rates for the yuan against multiple currencies daily on its website under authorization from the People's Bank of China; the page shows a last update of 29 November 2018 and a 10 December 2021 date stamp.
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