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The People's Bank of China (PBOC) has set the USD/CNY reference rate at 7.1102 on May 24, significantly lower than the Reuters estimate of 7.2539 and the last close of 7.2422. On May 27, the PBOC set the reference rate at 7.1091, which is about 1,300 pips stronger than market expectations and below the surveyed range of 7.2211 to 7.2407. By May 28, the PBOC set the reference rate at 7.1101, again lower than the Reuters estimate of 7.2402 and the last close of 7.2450. The consistent setting of the reference rate below market expectations indicates the PBOC's efforts to strengthen the yuan.
