The People’s Bank of China set the yuan’s daily reference rate at 7.1620 per dollar on Thursday, 48 pips stronger than the previous day and the firmest fixing since 8 November 2024. The midpoint was nevertheless 59 pips weaker than market estimates, signaling continued official caution toward rapid appreciation. Following the fix, the onshore yuan advanced to 7.1615 per dollar, while the offshore rate touched 7.1539, both marking their strongest levels since early November. The gains extend a recent strengthening trend in the Chinese currency against the greenback.