People’s Bank of China (PBoC) set the USD/CNY central rate at 7.1486 on Wednesday, versus the previous fix of 7.1453 and market expectations of 7.1798. It's worth noting that the USD/CNY closed near 7.1876 the previous day.

In addition to the USD/CNY fix, the PBoC also announced details of its Open Market Operations (OMO) while saying that the Chinese central bank sells 25 billion Yuan via 7-day reverse repos (RRs) at 1.90% vs prior 1.90%.

With the 2 billion worth of RRs expiring on Tuesday, the PBoC's OMO appears net long for 23 billion for the day.

About PBOC 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.