Early Monday in Asia, the People’s Bank of China (PBOC) set the yuan (CNY) reference rate at  6.3677 versus the previous release of 6.3425, also crossing the market expectations of 6.3584.

"China c.bank injects 30 billion yuan via 7-day reverse repos at 2.10% vs prior 2.10%," adds Reuters following the PBOC fix.

The PBOC kept the benchmark interest rates, as well as the monetary policy unchanged considering the last week's inaction over the Medium-Term Liquidity Facility (MLF) rate.

Read: PBOC keeps benchmark interest rate unchanged at 3.7%

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.