USD/CNY Approaches 7.30; PBOC Fixing Consistently Signals Stability

With the dollar index staying elevated, the Chinese yuan continued to face depreciation pressure, with USD/CNY rising to near 7.2980 in the onshore market. The People's Bank of China responded with a clear daily fixing guidance strategy, setting the midpoint consistently stronger than Bloomberg consensus expectations for multiple consecutive trading days — signaling exchange rate stability without directly intervening in the spot market. Additionally, several major state-owned banks were observed selling dollars in the spot market, further suppressing USD/CNY. Analysts believe 7.30 is the current market's "psychological line of defense," with the central bank deliberately keeping the exchange rate below that level to avoid triggering market panic and capital outflows.