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The midpoint of the RMB to USD exchange rate is 6.9398, up 59 pips from the previous day.
The midpoint of the RMB to USD exchange rate is 6.9398, up 59 basis points from the previous day.
Note: The RMB midpoint rate is determined by the China Foreign Exchange Trade System, which solicits quotes from all market makers in the interbank foreign exchange market before the market opens each day. The midpoint is calculated by removing the highest and lowest quotes and taking a weighted average of the remaining quotes. The RMB midpoint rate is the most important reference indicator for the spot interbank foreign exchange market and bank bid-ask rates.