The offshore yuan rose to around 7.19 per dollar on Thursday, snapping a five-session losing streak, supported by a stronger-than-expected central bank reference rate. The PBoC set the daily midpoint at 7.1494 per dollar - 568 pips stronger than the estimates of 7.2062 - marking the widest gap since April 30. This move signaled the central bank’s firm stance on maintaining currency stability amid the prospect of a stronger dollar. Meanwhile, China’s official PMI data showed a slowdown in July, with manufacturing activity remaining in contraction at 49.3, while the services PMI slipped to an eight-month low of 50.1. Despite the weak data, sentiment found some support from Wednesday’s Politburo meeting. The 24-member top leadership body reaffirmed its commitment to curbing 'disorderly competition' and enforcing production cuts in key industries to help stabilize the economy in the second half of 2025. Over the month, the yuan is set for its first decline after two straight months of gains.