Chinese Yuan Hits Strongest Level Since 2022

The Chinese yuan climbed to its strongest level against the U.S. dollar in more than four years, extending an advance supported by strong Chinese exports and signals from the country's central bank, Qizi Sun reported for Bloomberg News.

The offshore yuan gained as much as 0.1% to 6.6967 per dollar, its strongest level since July 2022.

The Chinese yuan strengthened to its highest level against the U.S. dollar since July 2022 on Sept. 18.

The move came after the People's Bank of China strengthened its daily currency fixing for an eighth consecutive session, the longest such streak since 2023.

The stronger fixings suggested that the PBOC was comfortable allowing the yuan to appreciate gradually ahead of a planned meeting between U.S. President Donald Trump and Chinese President Xi Jinping in the United States.

However, the central bank continued to set its daily reference rate below prevailing market levels, signaling a preference for a gradual appreciation rather than a sharp rise in the currency.