The USD/CNY mid point is set each business day by the PBOC. USD/CNY is then permitted to trade plus or minus 2% from this reference rate.

The bank setting the mid point higher, i.e. a weaker yuan today. Given the strength of the USD following the NFP result on Friday in the US a higher USD/CNY is not surprising.

In open money market operations, the bank injects 125bn yuan via 7-day reverse repos

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On Friday the CNY was set at 94.72 against its currency basket, a drop of 0.62 from the previous Friday's 95.34 value.