Onshore Yuan Closes at 6.6745 per Dollar, Up 4 Pips

A four-pip move is noise, not signal, and the real information here is the volume figure rather than the direction. The onshore fix and its overnight drift matter mainly as a read on how tightly the yuan is being managed, since a marginal close tells you little on its own. What's worth watching is whether the pairing of thin directional moves with heavy turnover persists, which would suggest flow being absorbed rather than driving the rate.