Forex
Yuan Hits Three-Year High Against Dollar Amid Weakening US Currency
The Chinese yuan has reached its highest value against the U.S. dollar in three years, appreciating by over 9% in just four months.
According to market data, the offshore yuan rose to approximately 6.72 yuan per dollar, marking a significant milestone since early 2023.
The yuan's appreciation is attributed to a weakening U.S. currency and China's substantial trade surplus.
The People's Bank of China has been working to curb excessive appreciation by setting the official exchange rate below market expectations.