Offshore yuan flat at 6.6748 per dollar; intraday V-shaped rebound

The flat close masks a session that tested the strong side of the recent range and reversed, with the June 2022 highs now the reference points traders are watching. That the CNH sold off in Beijing morning hours and then recovered suggests two-way flow rather than one-way conviction, and the unchanged fixing leaves the offshore market leaning on onshore guidance. Whether the pair can hold below those 2022 intraday tops without a fresh catalyst is the open question.