PBOC sets USD/ CNY reference rate for today at 6.9678 (vs. estimate at 6.9459)

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

Previous close 6.9506

Injects 477.5bn yuan through 7-day reverse repos at 1.40%

Earlier:

• US Treasury says yuan undervalued, urges China to allow appreciation