On November 26, 2024, the People's Bank of China (PBOC) maintained a strong reference rate for the yuan, setting it above 7.2 per dollar. This move comes in response to potential tariff threats from U.S. President-elect Donald Trump.
Despite fluctuations in the U.S. dollar and speculation about the PBOC's willingness to adjust its strategy, the central bank has consistently defended the yuan's value. The recent fixing marks a one-week high, indicating a concerted effort to stabilize the currency amid rising tensions.