Chinese Yuan Breaks 6.7 per Dollar, Hits Highest Level Since January 2023
On September 18, 2026, both onshore and offshore Chinese yuan strengthened past the 6.7 per US dollar mark, reaching their highest levels since January 2023. Analysts attribute the rally to strong export performance, a surge in corporate dollar conversion, and the People's Bank of China's upward adjustment of the daily fixing rate. The yuan's strength persisted despite a hawkish Federal Reserve rate hike on September 16. The central parity rate strengthened for nine consecutive trading days through September 21, the longest streak since 2023. PBOC officials stated China has no intention to devalue the yuan for trade advantage.
Editorial responsibility
- No named human review is recorded for this page.
- Reports are grouped by semantic similarity and deterministic rules. Language models may assist titles, summaries, translation and cross-source analysis; the page reads the event directly, while its address stays stable when the title changes.
- Summary covers the current reports
Cross-source coverage
Reporting timeline
RMB Breaks 6.7 Against USD Amid Fed Hike; Analysts See 6.6-6.75 Range
On September 18, 2026, the onshore and offshore Chinese yuan (RMB) both strengthened past 6.7 against the US dollar, defying a Federal Reserve rate hike that pushed the dollar index back above 100. The article, citing iFinD data and broker reports from Dongwu, Tianfeng, and CICC, attributes the yuan's strength to three main factors: a less-dominant dollar as other central banks also tighten, a surge in corporate dollar conversion (with August 2026 bank settlement surplus near $50 billion), and policy signals via a stronger central parity rate. A deeper driver is China's industrial upgrading, particularly in AI. The article forecasts the yuan to trade in a 6.6-6.75 range over the next six months, with a potential move toward 6.5 if the dollar weakens further. It notes that rapid appreciation could pressure exporters, but diversified markets and hedging mitigate risks. The analysis also suggests that a strong yuan supports A-shares and bonds by easing monetary policy constraints.
Read sourceRMB Exchange Rate Strengthens Steadily Amid Export Boom and Dollar Weakness
This article from Tencent Finance analyzes the recent strengthening of the Chinese yuan (RMB) against the US dollar, with the onshore and offshore rates briefly touching the 6.70 level on September 18. Multiple experts attribute the rally to a combination of internal and external factors. Dongfang Jincheng's chief analyst Wang Qing cites the fading effect of Fed rate hikes and the People's Bank of China's (PBOC) upward adjustment of the daily fixing rate. Dongwu Securities highlights three factors: a weakening US dollar, strong export performance and current account surplus, and the PBOC's signaling through the fixing rate. Tianfeng Securities notes that China's trade surplus and economic fundamentals are providing strong support. China Merchants Securities links the 6.4% appreciation over 18 months to AI-driven industrial upgrades. Looking ahead, analysts expect the RMB to remain stable and strong in the short term, with a potential shift to two-way volatility. The PBOC has reiterated its commitment to a market-determined exchange rate and stated it will not use depreciation for trade advantage. The forecasted trading range for the yuan by year-end is 6.7 to 6.9 per dollar.
Read sourceYuan 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 sourceShow 17 older updatesHide older updates
Yuan 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.
Read sourceRMB 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 sourceYuan Breaks 6.7 Level; Analysts See Strong Support, 'Rise Then Stabilize' Pattern
On September 18, the onshore and offshore Chinese yuan (renminbi) both strengthened past the 6.7 level against the US dollar, reaching a new high since January 2023. Analysts interviewed by Caixin attributed the rally to multiple factors, including strong foreign trade, a current account surplus, and sustained demand for foreign exchange settlement. CITIC Securities chief economist Ming Ming noted that the yuan's pricing anchor has shifted to the trade sector this year, with strong exports and settlement demand providing support, while interest rate differentials have had a relatively weaker impact. Despite the Federal Reserve's hawkish rate hike in September, the yuan remained resilient. Dongfang Jincheng chief macro analyst Wang Qing pointed to the Fed's rate hike effect fading and the central bank's firming of the yuan's fixing rate as direct drivers. He added that China's stable external trade environment and steady economic growth provide strong intrinsic support. Wang forecast the yuan will likely maintain a stable-to-strong trend in the short term, with a core trading range of 6.7 to 6.9 by year-end, and a 'rise first, stabilize later' pattern for the full year.
Onshore 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 source