Each day the People's Bank of China set the mid rate for the USD/CNY

  • Its an important rate, cause it therefore sets the boundaries for USD/CNY trading for the day
  • The USD/CNY can trade + or - 2% from the mid-point, the reference rate

China Foreign Exchange Trade System (CFETS), a unit of the PBOC, also sets the yuan against its basket

  • On Friday the rate was set at 97.20

Here's the chart since December, you can see the downtrend for the CNY here: