Onshore yuan closes at 6.6458 per dollar, up 99 pips

A firmer onshore close is a modest but telling signal of how dollar-yuan flows are settling into the session, with the gap between the official and overnight reference points small enough to suggest orderly trading rather than a one-directional push. For corporates hedging cross-border exposure and for RWA platforms tracking Asian currency benchmarks, the relevance lies in the consistency of the onshore fix rather than the size of the move. Whether this firmer tone carries into the next session, or proves to be a single-day adjustment, is the open question worth watching.