The People's Bank of China (PBOC) has set the USD/CNY reference rate over several days with values consistently below market and survey estimates, indicating a stronger yuan. On May 28, 2025, the PBOC fixed the yuan midpoint at 7.1894 per dollar, lower than the Reuters estimate of 7.1996 and previous close of 7.1955. This represented a 79-pip cut from the prior parity rate, stronger than market expectations. The yuan opened trade at 7.1934 that day. On May 29, the PBOC set the reference rate at 7.1907, again below the Reuters estimate of 7.2033 and previous close of 7.1967, despite survey estimates around 7.2045. On May 30, the PBOC raised the central parity rate by 59 pips to 7.1848 per USD, slightly above the 7.1708 survey estimate but still below the previous close of 7.1865. The yuan opened trade at 7.1860 on May 30. These adjustments come amid ongoing trade tensions with the United States and global economic concerns, reflecting efforts to maintain yuan strength in the foreign exchange market.