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In recent trade today, the People’s Bank of China (PBOC) set the yuan mid-point against the dollar at 6.4709 vs. yesterday at 6.4845.

PBoC is to also inject 100 bln yuan via 7-day reverse repo; net injection of 98 bln yuan.

About the fix

China maintains strict control of the yuan’s rate on the mainland, the current known as CNY which differs from its offshore yuan, or CNH, which not as tightly controlled as the onshore yuan.

Each morning, the People’s Bank of China (PBOC) sets a so-called daily midpoint fix, based on the yuan’s previous day closing level and quotations taken from the inter-bank dealer.