The yuan is firming against the U.S. dollar as analysts say they see a sell-off in the greenback because of uncertainties over the U.S. election.

The People’s Bank of China has set the yuan mid-point rate at 6.7491 versus a previous 6.7562, strengthening 0.1 percent against the U.S. dollar to a two-week high.

Meanwhile, traders said the central bank will inject a total of 70 billion yuan (U.S.$10.4-billiom) into money markets on Thursday via a variety of reverse bond repurchase agreements. Last week, the bank injected a net 595 billion yuan into the banking system.