Forex
Yuan Surges to Four-Year High Amid Strong Exports and PBOC Fixings
The Chinese yuan has reached a four-year high against the US dollar, with an offshore exchange rate of 6.6967 per dollar. This rally makes it one of Asia's best-performing currencies this year.
The gains follow the People's Bank of China (PBOC) strengthening its daily reference rate for an eighth consecutive session, the longest such streak since 2023. The central bank sets the fixing each morning, around which the onshore yuan is allowed to trade within a designated range.
Khoon Goh, head of Asia research at Australia & New Zealand Banking Group, says the fixings signal authorities' intent to narrow the gap between the fix and spot. He adds that further gains are likely if the fixings continue on their recent trend.