The People’s Bank of China (PBOC) set the yuan (CNY) reference rate at 6.3739 versus the previous release of 6.3640, while crossing the market expectations of 6.3639 during Friday's Asian session.

"China central bank injects 100 billion yuan via 7-day reverse repos at 2.10% vs prior 2.10%," said Reuters. The update also includes, "China central bank says sets 7-day reverse repo rate at 2.10% vs 2.10% previously."

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.