USD/CNHUSDCNH
Daily Market Briefing
Latest briefing
UOB strategists forecast USD/CNH bearish momentum, eyeing a dip below 6.6900.
In the past 24 hours, United Overseas Bank (UOB) strategists have highlighted a weakening USD/CNH trend, suggesting a potential decline below the 6.6900 level. They anticipate that a sustained close below this threshold could lead to further downside movement toward the 6.6800 support level. This outlook is based on the pair's recent consolidation within the 6.6900–6.7000 range and the expectation of continued bearish momentum over the next few weeks.
Previous briefings
USD/CNH declines to 6.6919 amid easing trade tensions and PBoC support.
In the past 24 hours, the USD/CNH pair has fallen to 6.6919, influenced by improved trade relations and the People's Bank of China's (PBoC) daily fixing model, which suggests a stronger yuan. Analysts anticipate further downside potential if the pair maintains its position below the 6.6900 support level.
USD/CNH remains stable at 6.6926 amid China's economic concerns.
Over the past 24 hours, USD/CNH has maintained a steady trading range, closing at 6.6926. This stability comes despite ongoing concerns about China's economic performance, particularly in the property sector and retail sales. The People's Bank of China (PBoC) has been implementing measures to support the yuan, including setting higher-than-expected daily fixes.
USD/CNH drops below 7.3000 as China's economic data and PBOC actions bolster yuan
In the past 24 hours, the Chinese yuan strengthened against the US dollar, with USD/CNH falling below 7.3000. This movement was driven by better-than-expected lending data and the People's Bank of China's (PBOC) commitment to prevent excessive yuan depreciation. The PBOC's intervention, including setting a stronger-than-expected daily fix, has been instrumental in supporting the yuan.
UOB forecasts USD/CNH to target 6.6950 amid mid-term yuan strength
UOB strategists project a bearish trajectory for USD/CNH, targeting 6.6950 as the pair faces limited upside potential and sustained downward pressure in the mid-term. They anticipate the pair to trade between 6.6950 and 6.7270 over the next 1–3 weeks, with a broader outlook for gradual downside as long as the price remains below the 6.7815 cloud level.
PBoC sets USD/CNY midpoint at 6.7399, signaling yuan depreciation tolerance.
In the past 24 hours, the People's Bank of China (PBoC) set the USD/CNY midpoint at 6.7399, a slight depreciation from the previous day's 6.7489, indicating a modest tolerance for yuan weakening. This move aligns with recent trends of the PBoC allowing gradual yuan depreciation, potentially reflecting a strategic adjustment in response to evolving economic conditions.
USD/CNH rises to 6.72 as US dollar strengthens and PBOC sets weaker yuan fix
In the past 24 hours, USD/CNH has increased to 6.72, influenced by a stronger US dollar and a weaker yuan fix set by the People's Bank of China (PBOC). The PBOC's daily fixing was set at 6.7489, weaker than the previous day's 6.7468, indicating a less supportive stance for the yuan. Additionally, the US dollar index remains near a two-month high, bolstered by expectations of a Federal Reserve rate hike in October.
USD/CNH rises to 6.72 as US dollar strengthens and PBOC sets weaker yuan fix
In the past 24 hours, USD/CNH has increased to 6.72, influenced by a stronger US dollar and a weaker yuan fix set by the People's Bank of China (PBOC). The PBOC's daily fixing was set at 6.7489, weaker than the previous day's 6.7468, indicating a less supportive stance for the yuan. Additionally, the US dollar index remains near a two-month high, bolstered by expectations of a Federal Reserve rate hike in October.
PBOC's CNY60bn Bill Sale Tightens Offshore Liquidity, Bolstering CNH
In the past 24 hours, the People's Bank of China (PBOC) conducted a CNY60 billion bill sale in Hong Kong, withdrawing offshore RMB liquidity and supporting the Chinese yuan (CNH). This move aims to tighten CNH funding, potentially strengthening the yuan against the US dollar.
USD/CNH rises to 6.7468 as PBoC sets midpoint rate higher.
In the past 24 hours, the USD/CNH exchange rate has edged higher, closing at 6.7468, up 9 basis points from the previous day. This movement follows the People's Bank of China's (PBoC) decision to set the daily midpoint rate at 6.7468, a level not seen since February 2023. The PBoC's action suggests a measured approach to currency appreciation, aiming to balance economic stability with gradual yuan strengthening.
PBoC sets USD/CNY midpoint at 6.7487, signaling yuan depreciation tolerance.
The People's Bank of China (PBoC) has set the USD/CNY midpoint at 6.7487, higher than the market expectation of 6.6951, indicating a policy stance that tolerates yuan depreciation. This move suggests the PBoC's intent to manage the pace of yuan appreciation, potentially leading to a weaker yuan in the near term.
Offshore yuan strengthens to 6.6955 against USD, nearing 6.7 mark.
In the past 24 hours, the offshore yuan (USD/CNH) has appreciated, closing at 6.6955 against the U.S. dollar on September 18, up 86 pips from the previous session. This movement brings the yuan close to the 6.7 threshold, a level not seen since January 2023. Analysts attribute this strength to a firmer official fixing by the People's Bank of China (PBoC) and expectations of policy support ahead of the upcoming Trump–Xi summit.
PBoC sets USD/CNY midpoint at 6.7670, 619 pips weaker than consensus estimate.
In the past 24 hours, the People's Bank of China (PBoC) set the daily USD/CNY central parity rate at 6.7670, significantly weaker than the 6.7051 consensus estimate. This 619-pip deviation indicates a deliberate recalibration of the yuan's reference level, suggesting a managed depreciation stance by the PBoC. Such adjustments typically lead to a weaker offshore yuan (USD/CNH), as the onshore reference rate influences offshore trading.
USD/CNH rebounds to 6.7153 as bearish momentum fades; resistance at 6.7200.
Over the past 24 hours, USD/CNH has reversed its recent downward trend, climbing to 6.7153 from a low of 6.7043. This rebound indicates a reduction in bearish momentum, though gains are expected to remain within a defined range.
USD/CNH stabilizes near 6.7095 after volatile trading post-US inflation data.
In the past 24 hours, the USD/CNH pair experienced volatility following the release of unexpected U.S. core consumer price index data, which bolstered expectations of a potential Federal Reserve interest rate hike. Despite initial fluctuations, the pair has since stabilized around 6.7095.
PBoC's higher-than-expected daily fix halts USD/CNH's decline; pair rebounds to 6.71.
In the past 24 hours, the People's Bank of China (PBoC) set a higher-than-expected daily reference rate for the Chinese yuan, causing the USD/CNH pair to rebound from a low of 6.7060 to 6.71. This move indicates that Chinese policymakers are more focused on controlling the pace of the yuan's appreciation rather than its direction. The PBoC's intervention suggests a measured approach to currency movements, aiming to prevent rapid fluctuations.
PBoC sets higher USD/CNH daily fix, USD/CNH rebounds to 6.70907.
In the past 24 hours, the People's Bank of China (PBoC) set the USD/CNH daily fixing at 6.7795, higher than market expectations, leading to a rebound in the USD/CNH pair to 6.70907. This move indicates the PBoC's intention to moderate the pace of the Chinese yuan's appreciation without reversing the overall trend. Analysts anticipate that subdued USD demand and the yuan's resilience may keep USD/CNH biased lower, with the fixing acting as a speed limiter.
USD/CNH declines to 6.70920, down 0.1% in the past 24 hours.
Over the past 24 hours, the USD/CNH pair has experienced a slight decline, reaching 6.70920, a 0.1% decrease. This movement reflects the People's Bank of China's (PBOC) subtle policy adjustments and the broader market's response to global economic indicators.
USD/CNH consolidates near 6.7258 as UOB forecasts range-bound trading ahead.
Over the past 24 hours, USD/CNH has exhibited a consolidation pattern, trading around 6.7258. United Overseas Bank (UOB) analysts anticipate this trend to continue, expecting the pair to remain within a narrow range in the near term.
USD/CNH drops 0.2% to 6.7200 amid PBOC's subtle policy adjustments.
In the past 24 hours, the offshore Chinese yuan (CNH) has depreciated by 0.2% against the US dollar, reaching 6.7200. This movement reflects the People's Bank of China's (PBOC) ongoing subtle policy adjustments aimed at maintaining currency stability. The PBOC has been gradually tightening offshore liquidity and moderating its daily fixing adjustments, signaling a preference for gradual yuan appreciation without abrupt market shifts.
PBoC sets USD/CNY midpoint at 6.7828, signaling tolerance for yuan depreciation.
In the past 24 hours, the People's Bank of China (PBoC) set the USD/CNY midpoint at 6.7828, 17 basis points above market expectations, indicating a tolerance for yuan depreciation. This move suggests the PBoC's preference for a gradual appreciation path, with resistance at 6.7410–6.75 and support at 6.72–6.70.
USD/CNH closes at 6.7308, down 0.19% amid hawkish Fed signals.
Over the past 24 hours, the USD/CNH exchange rate declined by 0.19%, closing at 6.7308. This movement was influenced by hawkish statements from Federal Reserve officials, which bolstered the US dollar and exerted downward pressure on the Chinese yuan.
PBOC sets yuan reference rate at 6.7811, injecting 353 billion yuan into markets.
On August 28, 2026, the People's Bank of China (PBOC) set the yuan's daily reference rate at 6.7811 per U.S. dollar, a 29-pip increase from the previous day. To manage liquidity, the PBOC injected 353 billion yuan into the financial system through reverse repos. These actions aim to stabilize the yuan amid global market fluctuations.
USD/CNH edges higher amid US dollar rebound and PBoC's gradual appreciation stance.
Over the past 24 hours, USD/CNH has seen a slight increase, influenced by a broader US dollar rebound and firmer US Treasury yields. The People's Bank of China (PBoC) continues to favor a gradual appreciation of the yuan, maintaining a controlled pace to avoid rapid strengthening. Geopolitical tensions, particularly concerning Iranian oil and potential secondary sanctions, have introduced additional volatility to the Renminbi.
USD/CNH dips to 6.7166 amid bearish momentum; 6.7000 eyed next.
Over the past 24 hours, the USD/CNH currency pair has experienced a decline, reaching a low of 6.7166. Analysts attribute this movement to increasing bearish momentum and anticipate further depreciation toward the 6.7000 level if the downward trend continues.
USD/CNH retreats from 3½-year high as PBOC sets midpoint at 6.7852.
The Chinese yuan pulled back from a 3½-year peak against the U.S. dollar after the People's Bank of China (PBOC) set its daily midpoint at 6.7852, 633 pips below market expectations. This intervention suggests the PBOC's intent to temper the yuan's appreciation. Despite this, the broader trend remains bullish for the yuan, with the USD/CNH trading near recent lows.
US set to impose 7.5% tariff on Chinese goods; USD/CNH reacts.
The U.S. has announced a 7.5% tariff on Chinese goods, intensifying trade tensions and exerting downward pressure on the Chinese yuan. The People's Bank of China (PBoC) has signaled a preference for gradual yuan appreciation, but the new tariffs may challenge this approach.
USD/CNH drops to 6.7193, nearing three-year low amid U.S. debt concerns.
The USD/CNH pair declined to 6.7193, approaching a three-year low, as the U.S. Treasury's plan to buy back more long-term bonds raised concerns about the dollar's strength. This move has intensified bearish sentiment towards the U.S. dollar, impacting the USD/CNH exchange rate.
USD/CNH remains stable at 6.7382 amid PBoC's deliberate policy management.
Over the past 24 hours, the offshore yuan (USD/CNH) has maintained a narrow trading range, closing at 6.7382. This stability reflects the People's Bank of China's (PBoC) active management of the currency, aiming to prevent excessive appreciation despite a weaker U.S. dollar. The PBoC's daily midpoint fix has been set firmly on the stronger side of market expectations, signaling discomfort with sharp depreciation.
PBOC sets yuan midpoint at 3.5-year high; USD/CNH steady at 6.7722.
The People's Bank of China (PBOC) fixed the yuan midpoint at 6.7899 per dollar, its strongest level since February 2023, indicating a stable yuan. The spot yuan opened at 6.7700 per dollar and was last trading at 6.7722, reflecting minimal movement. Market participants are awaiting the Federal Reserve's interest rate decision, which may influence USD/CNH dynamics.
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