Chinese yuan breaks 6.70 against US dollar, strongest since February 2023
The Chinese yuan strengthened significantly, with both onshore and offshore exchange rates breaking through the 6.70 threshold against the US dollar. The offshore yuan reached an intraday high of 6.6933 and the onshore yuan hit 6.6964, their strongest levels since February 2023. Analyst Wang Qing attributed the move to the full reflection of Federal Reserve rate hikes and consistent strengthening of the RMB central parity rate, expecting a stable yet slightly strong pattern short-term.
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 awaiting refresh
Summary awaiting refresh
Cross-source coverage
Reporting timeline
RMB Breaks 6.7 Level; Analyst Sees 'Rise First, Then Stabilize' Pattern for 2024
On September 18, the Chinese yuan achieved a significant milestone as both onshore and offshore spot rates against the US dollar broke through the key 6.70 level during intraday trading. The offshore yuan reached an intraday high of 6.6933, while the onshore yuan hit 6.6964, marking their strongest levels since February 2023. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, expects the yuan to maintain a stable yet slightly stronger trend in the short term. He noted that future movements will depend on changes in China's export growth and adjustments to monetary policies by major overseas economies, which could impact the US Dollar Index. Wang predicts the yuan will generally continue to move inversely to the US dollar with relatively limited volatility. He forecasts the core fluctuation range for the yuan against the US dollar to be between 6.7 and 6.9 by year-end, with the full-year trend potentially following a pattern of 'initial appreciation followed by stabilization.'
Onshore and Offshore Yuan Both Break Through 6.70 Against US Dollar, Analyst Says
The Chinese yuan achieved a significant milestone 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 strength 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 reflected in the market; second, the recent RMB central parity rate has been consistently adjusted toward a stronger direction. Looking ahead, Wang Qing forecasts that in the short term, the yuan exchange rate is expected to maintain a stable yet slightly strong pattern. He noted that key 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.
Read sourceOnshore and Offshore Yuan Both Break Through 6.70 Threshold Against US Dollar
The Chinese yuan achieved a significant milestone 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 yuan's strength to two key factors: first, the overnight 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 recently. Looking ahead, Wang Qing 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 China's export growth rate and fluctuations in the US Dollar Index driven by monetary policy adjustments in major overseas economies.
Read sourceShow 6 older updatesHide older updates
Onshore 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 level. 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, which caused the US Dollar Index to surge overnight and then pull back, and the recent consistent strengthening of the RMB central parity rate. 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 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 achieved a significant milestone today as both onshore and offshore exchange rates against the US dollar rose past the 6.70 threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the yuan's strength 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; second, the recent central parity rate for the yuan has been consistently adjusted in a stronger direction. Looking ahead, Wang Qing forecasts that the yuan exchange rate is likely 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
The Chinese yuan achieved a significant milestone as both onshore and offshore exchange rates appreciated past the 6.70 level against the US dollar. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the strength to two key factors: first, the US Dollar Index surged and then pulled back after the effects of the Federal Reserve's interest rate hike were fully priced in; second, the 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 achieved a significant milestone 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 strength to two key factors: first, the US Dollar Index surged and then pulled back after the effects of the Federal Reserve's interest rate hike were fully reflected in 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 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 achieved a significant breakthrough on both onshore and offshore markets, with the exchange rate against the US dollar rising past the 6.70 threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the yuan's strength 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 daily fixing of the yuan has been consistently adjusted toward a stronger level. Looking ahead, Wang Qing 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 Against US Dollar, Analyst Says
The Chinese yuan achieved a significant milestone as both onshore and offshore exchange rates against the US dollar rose past the 6.70 threshold. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, attributed the strength to two key factors: the full reflection of the Federal Reserve's interest rate hike effects, which caused the US Dollar Index to surge and then pull back overnight, and the recent consistent strengthening adjustments in the RMB central parity rate. 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 source