People Bank of China fixed the Yuan Mid-Point against the US dollar At 6.8171 (est 6.8133).
China's central bank is also to inject 100 bln yuan via 14-day reverse repos.
Managing China’s complex monetary policy, the PBOC sets a so-called daily midpoint fix, based on the yuan’s previous day closing level and quotations taken from inter-bank dealers.
The fixing restricts the onshore yuan’s daily moves to 2% on either side of it.
If it deviates too far, the PBoC steps in to buy or sell the yuan, putting a lid on its daily volatility.
This exchange rate is known as the onshore yuan, or CNY.
The PBOC, which is heavily influenced by the central government, sets the daily midpoint to provide direction to the market and guide the currency.
The tightly managed onshore yuan has travelled about 1.5% against the dollar so far this month.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.