PBOC sets USD/ CNY mid-point today at 7.0014 (vs. estimate at 6.9578)

The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a +/- 2% range, around a central reference rate, or "midpoint."

Previous close 6.9598

PBoC injects 363.5b yuan through 7-day reverse repos at 1.40%

• net injects net 122.7b yuan

Earlier:

• PBOC expected to set USD/CNY reference rate at 6.9578

Added, more:

• PBOC sets firm yuan fix to slow gains despite weak dollar (leans against yuan rally)