The People's Bank of China (PBOC) has adjusted the USD/CNY reference rate on multiple occasions recently. On November 27, the PBOC set the central parity rate at 7.1982 per USD, which was 72 pips lower than the previous fixing of 7.1910 and significantly stronger than market expectations of 7.2535. The previous close was noted at 7.2503. Additionally, the PBOC fixed the yuan midpoint at 7.2543 against the dollar earlier that day. On November 28, the PBOC further adjusted the reference rate to 7.1894, an increase of 88 pips from the previous day, and again stronger than the market estimate of 7.2227. The previous close before this adjustment was 7.2470.