PBOC reference rate setting due soon - expected mid-point is 6.7101

The mid-rate setting on Friday was notable:

• The People's Bank of China smashed the onshore yuan today at the mid rate setting

(The PBOC cut over 630 points out of the CNY (i.e. higher USD/CNY) at the reference rate setting on Friday)

The chart is the offshore yuan (CNH, not CNY) and shows 2-way action as returned after the weeks of mainly one-way weakening for the yuan: