The People's Bank of China (PBOC) and the Ministry of Finance (MOF) have formed a joint working group to enhance the stability and development of the country's bond market. The offshore yuan surged over 300 pips against the USD, recovering above 7.06 to currently trade at 7.0597. China's yuan opened trade at 7.0560 per dollar and finished the domestic session at 7.0535 per dollar, the weakest close since September 23. China's regulator has urged financial institutions to strengthen internal control over leverage. The PBOC and MOF recently held their first formal meeting, agreeing to maintain stable developments in the bond market, improve liquidity management through treasury bond trading, and ensure appropriate market conditions. The MOF has scheduled a press conference to discuss fiscal policy and further measures to support the bond market.