Chinese Yuan Breaks 6.70 Threshold Against US Dollar; PBOC Sets Strongest Fixing Streak Since 2023
The Chinese yuan strengthened significantly, with both onshore and offshore rates breaking through the 6.70 level against the US dollar. The People's Bank of China set the central parity rate at 6.7487 per dollar on September 21, marking the ninth consecutive day of strengthening, the longest streak since 2023. Analysts attributed the move to a pullback in the US Dollar Index after the Federal Reserve's rate hike was priced in, and the PBOC's consistent stronger daily fixings. PBOC officials stated China has no intention to devalue the yuan for trade advantage.
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Yuan Central Parity Rate Rises for 9th Day; Analyst Sees Continued Strength
On September 21, the People's Bank of China set the yuan central parity rate at 6.7487 per dollar, strengthening by 34 basis points from the previous day. This marks the ninth consecutive trading day of gains, the longest such streak since 2023. Wang Qing, chief macro analyst at东方金诚 (Golden Credit Rating), attributed the yuan's strength to a stable external trade environment, robust export growth, and a steady domestic economy. He noted that global forex volatility has increased due to monetary policy adjustments by major economies, joint U.S.-Japan intervention, and Middle East tensions, but the yuan has remained stable with a slight upward bias. Wang downplayed the impact of the Federal Reserve's September 16 rate hike (25 basis points to 3.75%-4%), citing China's effective cross-border capital flow regulatory framework. He forecast the yuan to maintain a stable-to-strong trend in the short term, with a core fluctuation range of 6.7 to 6.9 by year-end, and a possible 'rise first, then stabilize' pattern for the full year. People's Bank of China Governor Pan Gongsheng stated at the G20 meeting that China's trade sensitivity to exchange rates has declined due to export structure upgrades and increased use of hedging tools.
Read sourceYuan Central Parity Rate Strengthens for Nine Straight Days; Analysts See Stable Trend
On September 21, the People's Bank of China set the yuan central parity rate 34 pips stronger at 6.7487 per dollar, marking the ninth consecutive day of strengthening and the longest winning streak since 2023. Wang Qing, chief macro analyst at东方金诚, attributed the yuan's strength to global exchange rate volatility driven by monetary policy adjustments in major economies, joint U.S.-Japan intervention, and Middle East tensions. He noted that China's stable external trade environment, strong export growth, and steady domestic economy provide intrinsic support for the yuan. Data showed August bank settlement surplus for clients reached $51.9 billion, up sharply from July. Wang forecast the yuan to remain stable with a slight strengthening bias in the short term, with a core trading range of 6.7 to 6.9 by year-end. People's Bank of China Governor Pan Gongsheng stated at the G20 meeting that China's trade sensitivity to exchange rates has declined due to export structure upgrades and increased use of hedging tools. Deputy Governor Lu Lei emphasized that China maintains a managed floating exchange rate system and does not seek competitive devaluation.
Read sourceRMB midpoint strengthens for nine straight sessions; analysts forecast stable range
On September 21, the People's Bank of China set the yuan's daily midpoint at 6.7487 per dollar, marking a ninth consecutive day of strengthening and the longest winning streak since 2023. Wang Qing, chief macro analyst at东方金诚, attributed the yuan's steady strength to global exchange rate volatility driven by monetary policy adjustments in major economies, joint intervention by the U.S. and Japan, and Middle East tensions. He noted that China's stable external trade environment, strong export growth, and steady domestic economy provide intrinsic support for the yuan. Data showed August bank settlement and sales surplus reached $51.9 billion, up sharply from July. Wang downplayed the impact of the Federal Reserve's September 16 rate hike, citing China's cross-border capital flow regulatory framework. He forecast the yuan will remain stable with a core trading range of 6.7 to 6.9 by year-end, moving inversely to the dollar with limited volatility. People's Bank Governor Pan Gongsheng and Deputy Governor Lu Lei both emphasized that China has no intention to devalue the yuan for trade advantage and will maintain a market-determined, flexible exchange rate while preventing herd behavior.
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RMB Central Parity Rate Strengthens for Ninth Day, Longest Streak Since 2023
The People's Bank of China set the yuan central parity rate at 6.7487 per dollar on September 21, marking the ninth consecutive trading day of strengthening, the longest such streak since 2023. The onshore and offshore yuan traded above the 6.70 level, having breached that threshold on September 18 to hit a 2023 high. The move comes amid a hawkish Federal Reserve rate hike—the first under Chair Warsh—which boosted the US dollar index and pressured most non-dollar currencies. However, the yuan strengthened against the dollar, supported by internal factors according to CICC Forex, including a strong export performance and stable macroeconomic conditions. Analysts from CICC and Dongfang Jincheng attribute the yuan's resilience to China's solid external trade environment, high export growth, and the central bank's guidance via a faster appreciation of the fixing rate. Looking ahead, CICC notes that the dollar's rebound is near a key resistance level of 100.60, and future yuan direction will depend on Iran conflict developments, US PMI data, and oil price movements. If the dollar weakens, policy may continue to smooth the pace of yuan appreciation to manage expectations.
Read sourceOnshore and Offshore Yuan Both Break Through 6.70 Against US Dollar
The Chinese yuan strengthened significantly today, with both onshore and offshore RMB/USD exchange rates breaking through the 6.70 level. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the rally to two key factors: first, the US Dollar Index surged overnight and then pulled back after the effects of the Federal Reserve's interest rate hikes were fully priced into the market; second, the People's Bank of China has persistently adjusted the RMB central parity rate toward a stronger direction in recent days. Looking ahead, Wang expects the yuan to maintain a stable yet slightly strong pattern in the short term. He cautioned that future trends will depend on changes in domestic export growth and fluctuations in the US Dollar Index driven by monetary policy adjustments in major overseas economies.
Read sourceOnshore and offshore yuan both break through 6.70 against US dollar, analyst says
The Chinese yuan strengthened significantly against the US dollar on the reported day, with both onshore and offshore rates breaking through the 6.70 threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the move to two main factors: first, the US Dollar Index surged overnight and then pulled back after the effects of the Federal Reserve's interest rate hikes were fully priced in; second, the People's Bank of China has recently set the central parity rate consistently toward a stronger direction. Looking ahead, Wang predicted the yuan exchange rate is likely to maintain a stable yet slightly strong pattern in the short term. He advised that future focus should be on changes in domestic export growth rates and fluctuations in the US Dollar Index driven by monetary policy adjustments in major overseas economies.
Read sourceOnshore and offshore yuan both break through 6.70 against US dollar
The Chinese yuan strengthened significantly against the US dollar, with both onshore and offshore rates breaking above the 6.70 threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the move to two key factors: the US Dollar Index surging and then pulling back after the effects of the Federal Reserve's interest rate hikes were fully priced in, and the People's Bank of China's recent consistent adjustment of the central parity rate toward a stronger direction. Looking ahead, Wang expects the yuan to maintain a stable yet slightly strong pattern in the short term. He noted that future trends will depend on changes in domestic export growth and fluctuations in the US Dollar Index driven by monetary policy adjustments in major overseas economies.
Read sourceOnshore and Offshore Yuan Both Break Through 6.70 Against US Dollar
The Chinese yuan strengthened significantly today, with both onshore and offshore exchange rates against the US dollar rising past the 6.70 threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the move to two key factors: the full reflection of the Federal Reserve's rate hikes in the market, which caused the US Dollar Index to surge overnight before pulling back, and the recent consistent adjustment of the yuan's central parity rate toward a stronger direction. Looking ahead, Wang Qing expects the yuan to maintain a stable yet slightly strong pattern in the short term. He noted that future trends will depend on changes in domestic export growth and fluctuations in the US Dollar Index driven by monetary policy adjustments in major overseas economies.
Read sourceOnshore and Offshore Yuan Both Surge Past 6.70 Against US Dollar, Analyst Says
The Chinese yuan strengthened significantly today, with both onshore and offshore exchange rates against the US dollar breaking through the 6.70 threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the move to two key factors: the US Dollar Index pulling back from its high after the effects of the Federal Reserve's rate hikes were fully priced in, and the People's Bank of China's recent consistent upward adjustments to the yuan's central parity rate. Wang Qing forecasts that the yuan will likely maintain a stable yet slightly strong pattern in the short term. He added that future trends will depend on domestic export growth rates and fluctuations in the US Dollar Index driven by monetary policy changes in major overseas economies.
Read sourceOnshore and Offshore Yuan Both Break Through 6.70 Threshold Against US Dollar
The Chinese yuan strengthened significantly against the US dollar, with both onshore and offshore rates breaking through the 6.70 threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the move to two key factors: the US Dollar Index surging and then pulling back after the effects of the Federal Reserve's interest rate hikes were fully reflected in the market, and the recent daily reference rate for the yuan being consistently adjusted toward a stronger direction. Wang expects the yuan exchange rate to maintain a stable yet slightly strong pattern in the short term. He noted that future trends will depend on changes in domestic export growth and fluctuations in the US Dollar Index driven by monetary policy adjustments in major overseas economies.
Read sourceOnshore and offshore yuan both break through 6.70 per dollar level
The Chinese yuan strengthened significantly against the US dollar, with both onshore and offshore exchange rates breaking through the 6.70 threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the move to two key factors: the US dollar index pulling back after its initial surge from the Federal Reserve's rate hikes had been fully priced in, and the People's Bank of China's recent consistent adjustment of the central parity rate toward a stronger direction. Wang expects the yuan to maintain a stable yet slightly strong pattern in the short term. He noted that future trends will depend on changes in domestic export growth and fluctuations in the US dollar index driven by monetary policy adjustments in major overseas economies.
Read sourceOnshore and Offshore Yuan Both Break Through 6.70 per US Dollar Threshold
The Chinese yuan strengthened significantly today, with both onshore and offshore exchange rates appreciating past the 6.70 per US dollar threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the move to two key factors: first, the US Dollar Index surged and then pulled back after the effects of the Federal Reserve's rate hikes were fully reflected in the market; second, the People's Bank of China has consistently adjusted the daily reference rate for the yuan toward a stronger level. Looking ahead, Wang expects the yuan to maintain a stable yet slightly strong pattern in the short term. He noted that future trends will depend on changes in China's export growth rate and fluctuations in the US Dollar Index driven by monetary policy adjustments in major overseas economies.
Read sourceOnshore and Offshore Yuan Both Break Through 6.70 Against US Dollar
The Chinese yuan strengthened significantly against the US dollar, with both onshore and offshore rates breaking through the 6.70 threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the move to two key factors: first, the US Dollar Index surged and then pulled back after the effects of the Federal Reserve's interest rate hikes were fully reflected in the market; second, the recent RMB central parity rate has been consistently adjusted toward a stronger direction. Looking ahead, Wang expects the yuan to maintain a stable yet slightly strong pattern in the short term. He noted that future trends will depend on changes in domestic export growth and fluctuations in the US Dollar Index driven by monetary policy adjustments in major overseas economies.
Read sourceOnshore and Offshore Yuan Both Break Through 6.70 Against US Dollar
The Chinese yuan strengthened significantly today, with both onshore and offshore exchange rates against the US dollar surging past the 6.70 level. According to Wang Qing, Chief Macro Analyst at Dongfang Jincheng, two major factors are driving the yuan's strength. First, after the effects of the Federal Reserve's rate hikes were fully reflected in the market, the overnight US Dollar Index pulled back from its highs. Second, the recent central parity rate for the yuan has been consistently adjusted toward a stronger direction. Looking ahead, Wang Qing forecasts that the yuan will likely maintain a stable yet slightly strong pattern in the short term. He advises that future focus should be placed on changes in domestic export growth rates and fluctuations in the US Dollar Index driven by monetary policy adjustments in major overseas economies.
Onshore and offshore yuan both break through 6.70 against US dollar, analyst says
The Chinese yuan strengthened significantly on the day, with both onshore and offshore exchange rates against the US dollar breaking through the 6.70 threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the move to two key factors: first, the US Dollar Index surged and then pulled back after the effects of the Federal Reserve's rate hikes were fully priced in; second, the People's Bank of China has consistently set the central parity rate stronger in recent days. Looking ahead, Wang expects the yuan to maintain a stable yet slightly strong pattern in the short term. He noted that future trends will depend on changes in China's export growth rate and fluctuations in the US Dollar Index driven by monetary policy adjustments in major overseas economies.
Read sourceOnshore and Offshore Yuan Both Break Through 6.70 Against US Dollar, Analyst Says
The Chinese yuan strengthened significantly against the US dollar, with both onshore and offshore rates breaking through the 6.70 threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the move to two main factors: the full reflection of the Federal Reserve's interest rate hikes in the market, which caused the US Dollar Index to surge and then pull back overnight, and the recent consistent strengthening of the yuan's central parity rate. Wang Qing forecasts that the yuan exchange rate is likely to maintain a stable yet slightly strong pattern in the short term. He added that future focus should be on changes in domestic export growth rates and fluctuations in the US Dollar Index driven by monetary policy adjustments in major overseas economies.
Read sourceOnshore and Offshore Yuan Both Break Through 6.70 Against US Dollar
The Chinese yuan strengthened significantly against the US dollar, with both onshore and offshore rates breaking above the 6.70 threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the move to two key factors: the full reflection of the Federal Reserve's interest rate hikes in the market, which caused the US Dollar Index to surge overnight before pulling back, and the recent consistent strengthening of the central parity rate. Wang Qing expects the yuan to maintain a stable yet slightly strong pattern in the short term. He noted that future trends will depend on changes in China's export growth rate and fluctuations in the US Dollar Index driven by monetary policy adjustments in major overseas economies.
Read sourceOnshore and offshore yuan both break through 6.70 threshold against US dollar
The Chinese yuan strengthened significantly against the US dollar, with both onshore and offshore rates breaking through the 6.70 threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the move to two key factors: the US Dollar Index's surge and subsequent pullback after the effects of Federal Reserve rate hikes were fully priced in, and the recent consistent strengthening of the daily reference rate for the yuan. Wang Qing forecasts that the yuan will maintain a stable yet slightly strong pattern in the short term. He noted that future trends will depend on changes in domestic export growth and fluctuations in the US Dollar Index driven by monetary policy adjustments in major overseas economies.
Read sourceOnshore and Offshore Yuan Both Break Through 6.70 Against US Dollar, Analyst Says
The Chinese yuan strengthened significantly, with both onshore and offshore rates against the US dollar breaking through the 6.70 threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the move to two key factors: first, the US Dollar Index surged and then pulled back after the effects of the Federal Reserve's interest rate hikes were fully reflected in the market; second, the central parity rate for the yuan has been consistently adjusted toward a stronger direction. Looking ahead, Wang expects the yuan exchange rate to maintain a stable yet slightly strong pattern in the short term. He noted that future trends will depend on changes in domestic export growth rates and fluctuations in the US Dollar Index driven by monetary policy adjustments in major overseas economies.
Read sourceOnshore and Offshore Yuan Both Break Through 6.70 Against US Dollar, Analyst Says
The Chinese yuan strengthened significantly against the US dollar on Tuesday, with both onshore and offshore rates breaking through the 6.70 level. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the move to two key factors: the US Dollar Index surged and then pulled back after the effects of the Federal Reserve's interest rate hikes were fully priced in, and the People's Bank of China has consistently set the central parity rate stronger in recent days. Wang expects the yuan to maintain a stable yet slightly strong pattern in the short term. He noted that future trends will depend on changes in domestic export growth rates and fluctuations in the US Dollar Index driven by monetary policy adjustments in major overseas economies.
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