China's central bank pushes yuan fixing stronger for 5 straight days ahead of Xi-Trump meeting on Sept 24
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China's central bank set a stronger yuan fixing for a fifth consecutive day, the longest streak since December 2025, to ease pressure from a rising dollar ahead of a summit between Chinese President Xi Jinping and U.S. President Donald Trump on September 24. On Tuesday, the PBOC set the midpoint at 6.7670 yuan per dollar, still 602 pips weaker than the average analysts had forecast in a Bloomberg survey. Under China's exchange-rate management system, the yuan traded onshore may move no more than 2% from the daily fixing. Christopher Wong, a currency strategist at OCBC, said the move may carry some policy signal ahead of the Trump-Xi meeting, because Chinese authorities likely want to see the yuan stable or slightly stronger so that the currency does not become another source of tension between the two countries. Dariusz Kowalczyk, head of Asia cross-asset strategy at BBVA, said the lower USD/CNY fixing confirms that the PBOC wants the yuan to be stable and to strengthen gradually before the summit, and he expects the PBOC to keep guiding the yuan slowly higher through continued fixings until the meeting.
