The People’s Bank of China set the yuan’s daily reference rate at 7.1405 per U.S. dollar on 11 August, about 450 pips stronger than the 7.1845 level expected by analysts surveyed by Reuters and firmer than the previous onshore close of 7.1799. The move marks the third straight session in which the central bank has fixed the currency well below market projections, following a 7.1382 midpoint on 8 August and a 7.1725 consensus estimate on 7 August. Alongside the stronger fix, the PBOC injected 112 billion yuan through seven-day reverse repos at an unchanged rate of 1.40 percent. Because a larger volume of prior operations matured, the central bank drained a net 432.8 billion yuan from the financial system. The pattern continues a recent trend: injections of 160.7 billion yuan on 7 August and 122 billion yuan on 8 August also resulted in smaller daily liquidity profiles. The combination of a firmer-than-anticipated midpoint and sustained net liquidity withdrawal highlights the authorities’ efforts to steer the currency’s value while managing money-market conditions amid persistent depreciation pressure on the yuan.