Onshore Yuan Closes at 6.6718 per Dollar, Down 236 Pips

The move matters less for its size than for the fact that it came alongside a heavy volume print, which suggests the session reflected genuine positioning rather than thin, holiday-thinned flows. This is a signal for corporates with dollar obligations and for anyone tracking the managed onshore fix as a policy tell. The open question is whether the next sessions show volume staying this elevated while the spot drifts further, or whether the move fades as liquidity normalises.