Yuan Fixing Set at 6.7766, Strongest Since February 2023

The headline number is the strongest fixing in over three years, but the more telling detail is the gap: the fix sits roughly 700 pips weaker than the prior close, a persistent pattern that signals the central bank is still leaning against rapid appreciation rather than chasing it. That matters for anyone with yuan exposure, since the fixing remains the clearest daily read on official tolerance. Whether the spot rate keeps trading well stronger than the fix — and whether that spread narrows — is the open question.