The People's Bank of China (PBOC) has set the USD/CNY reference rate at 7.0731 for October 11, 2024, slightly below the market estimate of 7.0737. This follows a series of adjustments over the past few days, including a previous fixing of 7.0742 on October 10, which was also below the estimate of 7.0734. The PBOC's recent actions reflect ongoing efforts to manage the yuan's value amid fluctuating market conditions. Additionally, the central bank has established a yuan fixing range between 7.0706 and 7.0883, indicating a controlled approach to currency stabilization. The yuan opened trading at 7.0560 on October 8, with a previous close of 7.0111, demonstrating significant volatility in the currency's performance.