PBOC sets USD/ CNY reference rate for today at 7.0471 (vs. estimate at 7.0240)

December 24, 2025
-FXnews

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). A higher-than-expected USD/CNY midpoint is typically read as a sign the PBOC is leaning against CNY appreciation pressure, like today.

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In trading yesterday the offshore yuan (CNH) strengthened past 7.02 per dollar, to its strongest level since October 2024.

As Wednesday’s USD/CNY trade opened the pair moved to the lowest since September 30 of 2024. As I posted earleir:

Remarks from Atsushi Mimura warning about excessive and one-sided currency moves prompted a reassessment of short-yen positions, reinforcing the sense that authorities are increasingly sensitive to renewed volatility

PBOC sets USD/ CNY reference rate for today at 7.0471 (vs. estimate at 7.0240)

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