The People's Bank of China (PBOC) has set the USD/CNY reference rates over three consecutive days, showing notable deviations from market expectations. On April 15, 2025, the PBOC established the USD/CNY central parity rate at 7.2096, significantly stronger than the Reuters estimate of 7.3094 and survey ranges that extended up to 7.3114. The rate was also stronger compared to the previous day's 7.2110. On April 16, 2025, the PBOC set the rate at 7.2133, which was weaker than the prior day's 7.2096 and marked the weakest level since September 2023, yet still about 1,100 pips stronger than market expectations that estimated 7.3272. On April 17, 2025, the PBOC raised the USD/CNY reference rate slightly to 7.2085, again much stronger than the Reuters estimate of 7.3083 and survey ranges between 7.3032 and 7.3154. These reference rates indicate the PBOC's active management of the yuan's value against the U.S. dollar, maintaining a stronger yuan than market forecasts during this period.