China sets yuan midpoint at 6.7628, 42 pips stronger

The fix implies a modestly stronger official bias, but the spot rate continues to trade well above the midpoint — a gap that signals the market's own view of the currency is firmer than the daily fix. That divergence, rather than the small pip change itself, is what matters here: it shapes the yuan's role in cross-border flows, including crypto and tokenized RWA settlement, where offshore pricing and onshore conversion costs feed directly into spreads. Whether the fix keeps drifting stronger or the spot-midpoint gap narrows is the open question.