The Chinese yuan continued its upward momentum on Thursday, with both onshore and offshore exchange rates reaching their strongest levels against the US dollar since September 2024. The onshore yuan crossed the 7.01 mark, while the offshore rate strengthened beyond 7 yuan per dollar.
Official data from the China Foreign Exchange Trade System showed that the central parity rate of the renminbi rose by 79 pips to 7.0392 against the dollar. Since the start of the year, the offshore yuan has appreciated by 4.6 percent, while the onshore rate has gained nearly 4 percent, reflecting improving market confidence.
The People’s Bank of China (PBOC) noted that foreign exchange market supply and demand remain largely balanced, supported by sufficient foreign reserves. The central bank reaffirmed its commitment to enhancing market resilience, stabilizing expectations, and preventing excessive exchange rate fluctuations to maintain overall currency stability.
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