The People's Bank of China (PBOC) set the yuan's mid-point at 7.2008 against the U.S. dollar, marking the currency's strongest level since April 7. The onshore yuan strengthened to 7.23 per dollar, its highest since March 20, increasing by 0.4% to align with the offshore yuan as the market resumed trading after an extended holiday. This move helped stabilize local foreign exchange markets amid recent volatility in Asia. The yuan's rise to a six-month high reflects investors unwinding carry trades and shifting away from the U.S. dollar towards Asian currencies. The PBOC's steady reference rate contributed to calming regional currency fluctuations, restoring stability after recent wild movements in the Asian currency markets.