PBOC Sets Yuan Midpoint at 6.7188, 20 Pips Weaker Than Previous Fix

The scale of the move matters less than the gap it leaves: the fix sits well above both the prior official close and the overnight level, a persistent spread that suggests the midpoint is still being managed rather than simply tracking the market. For anyone with yuan exposure, that divergence between the fixing and onshore trading is the real signal, since it shapes how much room the currency has to drift. Whether the gap narrows in coming sessions is the open question.