The People’s Bank of China (PBOC) set the USD/CNY reference rate at 6.3492 on Friday when compared to the previous fix and the previous close at 6.3485 and 6.3409 respectively.

Following the PBOC fix release, Reuters came out with the news saying, "China central bank injects a net 650 billion yuan for the week via open market operations, biggest weekly injection in three months."

It's worth noting that the PBOC surprised markets with a first cut in the 5-year Loan Prime Rate (LPR), by 5 basis points (bps) to 4.60%, in 21 months the previous day but couln't weaken the Chinese currency, as intended.

Read: USD/CNH drops below $6.35 on PBOC rate cut