The People's Bank of China (PBOC) has been actively managing the yuan's central parity rate against the US dollar over several days in April 2025. On April 21, the PBOC raised the central parity rate by 14 pips to 7.2055 per USD, which was 833 pips stronger than market expectations. Subsequently, on April 22, the PBOC set the USD/CNY reference rate at 7.2074, cutting the central parity rate by 19 pips, again significantly stronger than anticipated by over 850 pips. The domestic session for USD/CNY closed at 7.3145, up 265 pips versus the previous close. On April 23, the PBOC set the yuan midpoint at 7.2116 per USD, cutting the central parity rate by 42 pips, which was over 1,300 pips stronger than market expectations, marking the largest adjustment since April 10. Additionally, the PBOC injected 108 billion yuan into the market through 7-day reverse repos at an interest rate of 1.50%, maintaining the prior rate. These moves indicate the PBOC's efforts to stabilize the yuan amid market volatility and expectations for the currency's value.