The offshore yuan was little changed to around 6.93 per dollar on Monday, holding steady near thirty-three-month highs, as the central bank stepped up liquidity to ease seasonal funding pressures ahead of the Lunar New Year. The People’s Bank of China injected 600 billion yuan through 14-day repurchase agreements last week to help banks cover a temporary funding shortfall of roughly 3.2 trillion yuan. The PBOC is expected to add up to 3.5 trillion yuan more before the holiday begins, ensuring the financial system remains well-supplied as cash demand surges. Seasonal withdrawals, heavy government bond issuance, and strong corporate demand for yuan are tightening liquidity, but exporter dollar conversions and steady capital inflows continue to support the currency, limiting any downside pressure. Sentiment was also aided by a stronger guidance rate and data showing China’s foreign exchange reserves rose more than expected in January. Markets now await this week’s upcoming inflation data.

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