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:
![](http://az705044.vo.msecnd.net/20160601/cfets-rmb-basket-01-june-2016.png)