On the 8th, onshore and offshore yuan both broke 6.7 per dollar, the strongest levels since January 2023. Oriental Jincheng chief macro analyst Wang Qing cited two primary drivers: a retreat in the dollar index after Fed rate-hike effects were priced in, and recent adjustments to CHINA'S YUAN FIXING skewed toward a stronger yuan. He added that global FX volatility—prompted by policy moves in major economies, a US-Japan coordinated FX intervention and Middle East tensions—has left the yuan broadl

On the 8th, onshore and offshore yuan both broke 6.7 per dollar, the strongest levels since January 2023. Oriental Jincheng chief macro analyst Wang Qing cited two primary drivers: a retreat in the dollar index after Fed rate-hike effects were priced in, and recent adjustments to CHINA'S YUAN FIXING skewed toward a stronger yuan. He added that global FX volatility—prompted by policy moves in major economies, a US-Japan coordinated FX intervention and Middle East tensions—has left the yuan broadly steady-to-firmer. Domestically, resilient export growth and a stable-to-improving macro backdrop provide additional support for the exchange rate.