Offshore Yuan Closes at 6.6940 per Dollar, Down 11 Pips

An 11-pip drift with $28.4 billion traded is noise, not a signal, so the real information here is liquidity rather than direction: the yuan is moving in a tight band with deep participation behind it. That matters most for cross-border and RWA desks, where FX basis and hedging costs, not the spot fix, drive returns on dollar-linked tokenized assets. Whether that heavy turnover keeps the pair pinned in a narrow range is the open question worth tracking.