The offshore yuan weakened to around 6.96 per dollar on Wednesday, snapping a two-session gain as the People’s Bank of China kept the daily fixing weak. The central bank fixed the reference rate at 7.0014 per dollar, softer than estimates from both Reuters and Bloomberg. Policymakers remain wary that excessive currency strength could squeeze exporters, tighten domestic financial conditions, or trigger destabilising capital flows. In response, the weaker-than-expected fixing continued a pattern seen since early December, reflecting Beijing’s determination to manage the pace of yuan appreciation amid capital inflows that buoy sentiment and a declining US dollar. Investors view this approach as a familiar FX playbook, in which authorities tolerate currency strength consistent with macro fundamentals but lean against momentum-driven trades. On the monetary policy front, the PBoC kept the one- and five-year loan prime rates at 3% and 3.5%, marking eight months of policy stability.

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