China’s central bank set the daily yuan reference rate at 7.1322 per U.S. dollar on Monday, markedly stronger than the 7.1793 level projected by market economists and firmer than both last Friday’s 7.1371 fix and the onshore close of 7.1831. The higher-than-expected midpoint underscores the People’s Bank of China’s effort to steady the currency after weeks of depreciation pressures. Separately, the PBOC injected 266.5 billion yuan ($36.6 billion) of liquidity through seven-day reverse repurchase agreements while leaving the operation’s rate unchanged at 1.40%. After offsetting maturities, the action resulted in a net 154.5 billion yuan addition to the banking system, indicating the authorities’ preference for targeted liquidity support rather than broad-based monetary easing. The moves come as official data show the economy endured its weakest month so far this year. Yet, according to a Bloomberg report, the PBOC sees no urgency to cut benchmark interest rates. Premier Li Qiang, chairing an economic meeting the same day, pledged to bolster consumer purchasing power, stabilize market expectations and accelerate service consumption, hinting that fiscal and structural measures may take precedence over aggressive monetary stimulus.