The People's Bank of China (PBOC) set the USD/CNY reference rate at 7.1934 on November 21, 2024, which was significantly stronger than the market estimate of 7.2482. This rate represents a strengthening of 550 pips compared to expectations. The PBOC also established a fixing range for the yuan between 7.2422 and 7.2505. The following day, on November 22, the PBOC set the reference rate at 7.1942, again exceeding the estimate of 7.2502 by 555 pips. The last close prior to this rate was 7.2418, indicating a continued trend of the yuan being stronger than anticipated by the market.