Yuan hits strongest level since 2022 as dollar softens and exports hold up
In morning trade the yuan briefly reached 6.6765 per dollar, its strongest since June 2022, helped by solid exports and a softer greenback, Reuters reported.
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what happened
China's yuan traded in a tight range on Wednesday after briefly touching its highest level in over four years. Reuters reported that robust export growth and a broadly weaker dollar supported the currency. The dollar index stood at 101.77, after slipping to a three-week low in the previous session.
In morning trade the spot yuan reached 6.6765 per dollar before easing to 6.6791 as of 0250 GMT. The offshore yuan changed hands at 6.6786. The People's Bank of China set the daily midpoint at 6.7192, its firmest since February 2, 2023, and 413 pips weaker than a Reuters estimate. Spot trading may move up to 2% either side of that fixing.
The yuan has gained 0.4% against the dollar this month and 4.7% so far this year. China's third-quarter growth beat forecasts as exports offset cautious household spending. Goldman Sachs estimates net forex inflows of $50 billion into China in September, with the conversion ratio rising to 66% from 63%.
why it matters
The inflows and rising conversion of export earnings into yuan create steady demand for the currency. Analysts at Caitong Securities say the pace of appreciation may slow, as geopolitical uncertainty could support the dollar and modestly weigh on capital inflows. The move also matters for Asian exporters and yuan-denominated bonds.
market impact
Yuan and dollar: a weaker greenback and currency inflows support CNY against USD
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instruments
sources
- China's yuan touches new high since 2022 on weaker dollar, export resilience — Reuters, 21 October 2026 at 03:09 UTC
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