The People’s Bank of China (PBOC) set the USD/CNY reference rate at  on Friday 6.3746 when compared to the previous fix and the previous close at 6.3382 and 6.3688. respectively.

Following the PBOC rate anouncement, Reuters came out with the details suggesting, "China central bank injects 200 billion yuan via 14-day reverse repos at 2.25% versus prior 2.25%."

The PBOC recently cut reverse repo rate by a 10 basis points (bps) and has been trying to defend the Chinese yuan bears with heavy liquidity injection. However, the Chinese central bank seems to have gained little success so far, except for the latest bounce, even as the Fed announced rate hike signals during this week.

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