Offshore yuan's valuation dropped to 6.28 per U.S. dollar in New York Friday afternoon, which is a two-year low. The rate is also 2 percent lower than the official midday fixing by the People's Bank of China (PBOC), China's central bank. There are two exchange rates for the Chinese yuan. One is the official reference exchange rate (USD-CNY) set by the PBOC daily in China. This rate trades in a narrow band as designated by the central bank. The other exchange rate (USD-CNH) is for overseas trading of the yuan. This rate is watched by the international community as trading is open to foreigners and many FX traders deem this to be a more accurate rate which is less manipulated by the PBOC.