The People's Bank of China (PBOC) has consistently set the USD/CNY reference rate below market estimates from August 11 to August 15, 2025, indicating a firmer yuan against the U.S. dollar than expected. The central bank's daily fixing rates ranged from 7.1337 to 7.1418, while Reuters estimates and market surveys predicted higher rates between approximately 7.1743 and 7.1905. Notably, on August 15, the PBOC set the yuan midpoint at 7.1371, which was about 34 pips lower than the previous fix and roughly 500 pips stronger than market expectations. Concurrently, the PBOC conducted open market operations involving 7-day reverse repos at an unchanged interest rate of 1.40%, with injection amounts varying daily. The repo injections ranged from 112 billion yuan to 238 billion yuan, with net liquidity drains recorded on most days except August 15, when the PBOC injected a net 116 billion yuan into the market. The yuan opened slightly higher at 7.1812 against the previous close of 7.1795 on August 15, reflecting the central bank's efforts to maintain currency stability amid market fluctuations.