The People's Bank of China (PBOC) set the USD/CNY reference rate at 7.1893 on December 27, 2024, significantly lower than the Reuters estimate of 7.2981. This adjustment follows a previous close of 7.2975. In addition to the exchange rate announcement, the PBOC released its 2024 Financial Stability Report, emphasizing the implementation of accommodative monetary policy. The central bank stated its commitment to ensuring that social financing and money supply growth align with economic growth targets while maintaining a stable yuan exchange rate. Furthermore, the PBOC announced changes in its Monetary Policy Committee, with Deputy Governor Zhang Qingsong withdrawing from the committee. The PBOC also aims to enhance financial support for agriculture to bolster food security and plans to improve the gold market system and stock market reform.