Offshore yuan closes at 6.6755 per dollar, down 37 pips

A 37-pip move with nearly $95 billion traded is a modest daily drift rather than a directional signal, but the volume is the more telling detail: heavy turnover accompanying a small decline suggests two-way flows and active positioning rather than one-sided pressure. For offshore and cross-border exposure, the gap between onshore and offshore pricing remains the practical gauge of sentiment. Whether the session's volume reflects routine liquidity or a shift in hedging demand is the open question worth watching.