The People’s Bank of China (PBOC) set the yuan (CNY) reference rate at 6.3664 versus the previous release of 6.3677, while crossing the market expectations of 6.3635 during Tuesday's Asian session.

"China central bank injects 20 billion yuan via 7-day reverse repos at 2.10% versus prior 2.10%," said Reuters along with the PBOC fix announcement.

About the fix

China maintains strict control of the yuan’s rate on the mainland.

The onshore yuan (CNY) differs from the offshore one (CNH) in trading restrictions, this last one is not as tightly controlled.

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.