The People's Bank of China (PBOC) has been adjusting the central parity rate of the Chinese yuan (CNY) against the US dollar (USD) over the past several weeks. From mid-June to mid-July 2025, the PBOC set the USD/CNY central rates fluctuating between 7.1746 and 7.1498, generally slightly stronger than market estimates. On July 28, 2025, the PBOC notably cut the yuan's central parity rate by 48 pips to 7.1467 per USD, which was about 200 pips stronger than market expectations. This move was followed by the yuan opening at 7.1670 per dollar, marginally stronger than the previous close of 7.1680. These adjustments indicate a trend of the yuan strengthening modestly against the US dollar in recent weeks.