China’s Onshore Yuan Closes at 6.7036 per Dollar, Up 14 Pips

A 14-pip move is noise, but the framing is the signal: the reference point is the pre-holiday night-session close, meaning this is a post-holiday catch-up print rather than a fresh directional shift. The more telling figure is the $33.767 billion turnover, which suggests real two-way flow returned with the market rather than a thin reopening. Whether that volume holds through the next few sessions, and whether the fixing tracks the post-holiday close, is the open question worth watching.