The People's Bank of China (PBOC) has taken steps to stabilize the Chinese yuan, which is currently trading at around 7.25 per US dollar. On November 22, 2024, the PBOC cut the central parity rate of the yuan by 8 pips to 7.1942 per USD, a figure that remains approximately 600 pips stronger than market expectations. Central bank officials have emphasized their commitment to maintaining a stable exchange rate, asserting that they will prevent the formation of unilateral expectations regarding the yuan's value. The PBOC aims to keep the yuan at a reasonable and balanced level, ensuring that the currency remains stable in the face of market fluctuations.