USD/CNY Fixing Rate

Published: October 18, 2026

Sources & Verification

Primary Source

People's Bank of China (PBOC), with the 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 Oct 18, 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.

Report an issue with this policy ↗

⚠ 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 and banking, cross-border trade, import/export, asset management, and any business with RMB conversion or hedging needs

Cities / Agencies

Nationwide · People's Bank of China (PBOC), with the China Foreign Exchange Trade System (CFETS)

What to do now

Monitor only — no action required

Source & verification

PBOC · AI-assisted summary · generated Oct 18, 2026 · pending human review

What to watch next

PBOC: adjustments to the fixing mechanism or counter-cyclical factor settings; CFETS: daily fixing announcements and any change to the market-maker survey or weighting methodology; SAFE: cross-border FX flow and settlement rules; PBOC/SAFE: changes to the RMB trading band or FX reserve requirements

Executive Summary

This is the People's Bank of China's standing explanation of how the daily USD/CNY central parity rate (the 'fixing') is calculated, not a new rule. Each trading day, the China Foreign Exchange Trade System surveys market makers, discards the highest and lowest quotes, and takes a volume-weighted average of the rest. A 'counter-cyclical factor' was added to the quoting model to dampen sentiment-driven swings and keep the fix closer to economic fundamentals. The page matters mainly as background on how China manages its currency, since the fix sets the reference point for onshore trading and daily RMB moves.

Key Points

Each trading day before the market opens, the China Foreign Exchange Trade System (CFETS) polls all market makers for USD/CNY quotes, which are then combined into that day's central parity rate.

Market makers are instructed to base their quotes on the previous day's interbank closing rate, adjusted for onshore supply and demand and for moves in major global currencies.

CFETS removes the highest and lowest submissions and calculates a weighted average of the remaining sample, with weights based on each maker's trading volume and market-making performance.

The Foreign Exchange Self-Disciplinary Mechanism introduced a 'counter-cyclical factor' into the quotation model to offset pro-cyclical volatility driven by market sentiment and better reflect economic fundamentals.

Under PBOC authorization, CFETS publishes daily fixing rates for the CNY against an expanding list of currencies on its website for use in the interbank market.

The page is an explainer with a last-update stamp of 2018 and a 2021 revision note; it creates no new obligations and no compliance deadlines.

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