The PBOC allows the yuan to fluctuate within a +/- 2% range, around this reference rate.

Earlier:

• ING turns bullish on Chinese yuan, shifts USD/CNY forecast lower to 6.70–7.05

PBOC injects 500mn yuan via 7-day reverse repos in open market operates today. Unchanged rate of 1.4%.

This article was written by Eamonn Sheridan at investinglive.com.