Overview
- China set the central parity at 6.9843 per dollar on Monday, the strongest fixing since May 2023.
- The fixing was 551 pips weaker than market estimates, the largest weak-side deviation since records began in 2022.
- Onshore yuan touched 6.9539, its strongest level since May 16, 2023, with offshore trading near 6.95 during Asian hours.
- A softer U.S. dollar and pre–Lunar New Year corporate conversions have supported the currency’s recent gains.
- The yuan is up 0.5% year to date after a 4.5% rise in 2025, and Barclays expects authorities to resist further appreciation and introduce measures to ease upward pressure.