While the rate won't be nearly this high, the PBOC will take it towards, if not higher than, 7.19

People's Bank of China USD/CNY reference rate is due around 0115 GMT.

The People's Bank of China (PBOC), China's central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a "band," around a central reference rate, or "midpoint." It's currently at +/- 2%.

How the process works:

The NFP on Friday helped move the US dollar higher. The PBOC will continue its battle to defend the yuan in the face of the USD onslaught.