China Sets Yuan Midpoint at 6.7487 per Dollar, 34 Pips Stronger

The fix remains notably weaker than where the onshore yuan actually trades, a persistent gap that signals the daily midpoint is being used as a stabilizing rather than market-clearing reference. A modest strengthening in the fix is a marginal, not directional, signal. The open question is whether the spread between the fix and spot narrows, or whether the authorities keep leaning against appreciation pressure.