22 July: China's central bank lowers 7-day reverse repo rate to 1.70% and sets yuan reference rate at 7.1335 to support the economy.

On July 22, China's central bank, the People's Bank of China (PBOC), reduced the 7-day reverse repo rate from 1.80% to 1.70% to strengthen counter-cyclical adjustments and support the real economy. The PBOC also set the onshore yuan reference rate at 7.1335, weaker than the previous estimated 7.2624. The daily reference rate can trade within a range of 2% above or below the set rate, providing some flexibility for the yuan's value.