The People’s Bank of China set Monday’s yuan midpoint at 7.1322 per dollar, roughly 470 pips stronger than consensus estimates near 7.18 and the firmest fixing since 6 November 2024. The unexpectedly strong reference rate signals officials’ intention to curb depreciation pressure after the currency touched fresh 2025 lows last week. In tandem with the stronger fix, the central bank injected 266.5 billion yuan ($36.7 billion) of liquidity through seven-day reverse repurchase agreements while keeping the operation rate unchanged at 1.40 percent. After offsetting maturities, the net addition to the banking system amounted to 154.5 billion yuan, the largest daily cash boost in a month. The onshore yuan opened marginally stronger at 7.1834 per dollar following the fix. Meanwhile, the CFETS RMB Index, which tracks the currency’s value against a basket of peers, rose 0.13 point over the week, underscoring Beijing’s broader efforts to steady the renminbi amid persistent capital outflow concerns and a fragile domestic recovery.