Bullish
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.
Key points
- PBoC sets USD/CNY midpoint at 6.7521, signaling support for yuan.
- DBS reports firmer yuan bias ahead of Trump–Xi summit.
- Offshore yuan trading at 6.6952, down 0.13% as of 05:58 UTC.
Sources
AI-generated from public news sources. Not financial advice.
