On December 2, 2024, the People's Bank of China (PBOC) set the USD/CNY mid-point at 7.1865 per dollar, significantly stronger than the market estimate of 7.2384. This marks the 14th consecutive session in which the PBOC has set a higher-than-anticipated yuan benchmark. The fixing was noted to be over 500 pips stronger than expectations, with a survey indicating a range for the yuan fixing between 7.2345 and 7.2408. The previous estimate from a survey placed the yuan fixing at 7.2363.