The People's Bank of China (PBOC) has set the USD/CNY reference rate at 7.1708 for January 23, 2025, reflecting a decrease of 12 pips from the previous rate of 7.2770. This rate is notably over 1,100 pips stronger than market expectations. On January 24, the PBOC is expected to set the reference rate at 7.2779, with a survey indicating a yuan fixing range of 7.2765 to 7.2889. The following day, the PBOC set the USD/CNY reference rate at 7.1705, which is also over 1,000 pips stronger than market predictions. Additionally, the offshore yuan has strengthened to 7.2633 against the dollar, marking its highest level since January 21, 2025.