The People’s Bank of China sets the yuan at 6.3599 dollars

The People’s Bank of China set the exchange rate of the yuan against the US dollar at 6.3599 yuan per dollar, at the same time, expectations were for the Chinese yuan to stabilize against the dollar at 6.3604 yuan per dollar, and the previous value of the yuan was 6.3677 dollars.

The Bank of China influences the price of the US dollar USD by linking the value of its currency – the yuan – to the dollar, as the bank uses a fixed exchange rate policy, which differs from the free exchange rate used by the United States and many other countries while leaving Margin of movement for the currency of China to move in a narrow range.

The Bank of China manages the value of the yuan by keeping it fixed against a basket of currencies of countries that are China’s partners. The basket is measured in USD, given that the United States is China’s largest trading partner.