💱US Dollar/Chinese Yuan FX Spot Rate
USDCNY
▼ NegativeMonetaryrelevance
China's central bank set a firmer-than-expected yuan reference rate, driving the yuan to a near 3.5-year high against the dollar.
Impact on assets 1
Others
China's yuan traded near its strongest level in three and a half years against the dollar today, September 22, as the market watches for a meeting between Chinese President Xi Jinping and U.S. President Donald Trump. The yuan was supported by the Chinese central bank's setting of a firmer-than-expected reference rate. The Chinese central bank set the yuan's reference rate at 6.7459 yuan per dollar, the strongest level since February 2023 and 0.0028 yuan firmer than the reference rate on Monday, September 21. Onshore yuan strengthened to 6.6947 yuan per dollar on Monday, its strongest level since January 2023, while offshore yuan strengthened to 6.6908 yuan per dollar. The strengthening came after the Chinese central bank allowed the daily reference rate to firm at a faster pace in recent weeks, narrowing the gap between the reference rate and market expectations. This may reflect that the Chinese central bank is more accepting of a gradual appreciation of the yuan ahead of this meeting. The two leaders are expected to discuss trade, artificial intelligence, supply chains and Middle East tensions at the meeting on September 23-25.
China's central bank set a firmer-than-expected yuan reference rate, driving the yuan to a near 3.5-year high against the dollar.