China’s central bank set the daily yuan reference rate at 7.1395 per U.S. dollar on Monday, 101 pips stronger than Friday’s fix and about 380 pips firmer than market estimates. The midpoint is the strongest since 24 July, signalling the People’s Bank of China’s intention to curb recent depreciation pressure on the currency. The firmer fixing came even as the onshore yuan traded at 7.1850 in early Shanghai dealings, softening from last week’s 7.1930 close but still below the new parity rate. The CFETS RMB Index, which tracks the renminbi against a basket of currencies, rose 0.18 point over the week, underscoring relative strength against trading-partner currencies. Beijing’s move coincides with broad weakness in the U.S. dollar after disappointing U.S. payroll numbers prompted investors to price in a Federal Reserve rate cut as early as September. The dollar index slipped and the greenback fell about 0.2% against the yen to ¥147.15, while the euro edged up to $1.1589.