People’s Bank of China (PBOC) set the USD/CNY central rate at 6.8764 on Monday, versus Friday's fix of 6.8838 and market expectations of 6.8739. It's worth noting that the USD/CNY closed near 6.8676 the previous day.

In addition to the USD/CNY fix, the PBOC also released data for the Open Market Operations (OMO) that suggest the Chinese central bank injects a net of 16 billion Yuan on the day, per Reuters calculations.

Further details of the PBOC update suggests that the Chinese central bank held 7-day Repo Rate unchanged at 2.0% at Monday's fix.

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's closing level and quotations taken from the inter-bank dealer.