The offshore yuan weakened to around 6.98 per dollar on Wednesday, pressured by a dovish tone from the People’s Bank of China and weaker-than-expected official guidance. The central bank reiterated plans to cut the reserve requirement ratio and interest rates in 2026 to ensure ample liquidity, while maintaining an “appropriately accommodative” monetary policy stance. Meanwhile, the PBOC set the yuan’s midpoint at 7.0187 per dollar, the first weaker guidance in four sessions and softer than Reuters’ estimates. The latest move signaled a more cautious approach to currency support. The yuan’s decline was partially cushioned by robust year-end foreign exchange settlements, as exporters converted overseas receipts to meet domestic payment obligations, including pre-Lunar New Year bonuses. Markets are now turning their focus to China’s upcoming inflation data later this week, which could offer additional clues on the trajectory of the central bank’s monetary policy.

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