Forex
Yuan Hits Three-Year High as Central Bank Signals Further Support
China's offshore yuan has reached a fresh three-year high after the People's Bank of China set its daily fixing rate stronger than 6.79 per US dollar for three straight days.
The central bank set the midpoint, or daily fixing rate, at 6.7894 per US dollar on Friday, marking the third consecutive session above 6.79.
This move has allowed the offshore yuan to extend its rally to 6.7433 by early Friday afternoon, its strongest level since February 2023, according to Chinese financial data provider Wind.