The People's Bank of China (PBOC) has set the USD/CNY reference rate at 7.1733 for March 10, 2025, significantly stronger than the earlier estimates. Reuters had projected the rate at 7.2355, while a survey indicated an estimated fixing of 7.2408, with expectations ranging from 7.2387 to 7.2428. The PBOC's decision reflects a cut of 28 pips from the previous rate, which is approximately 600 pips stronger than market expectations.