China's yuan reached 6.6957 per dollar, its strongest since January 2023, after the PBOC set a three-year-high midpoint.
China's onshore yuan strengthened to 6.6957 per dollar, its highest since January 16, 2023, as the People's Bank of China set its strongest daily midpoint in more than three years. The official fixing was 6.7487, while the offshore yuan traded at 6.6946 by 03:14 UTC, Reuters reported. The move came before Thursday's Trump-Xi summit and as the GapA gap is an area on a price chart where the next period begins at a price that is separated from the previous period's trading range, leaving little or no trading activity...Read More between official guidance and MarketDefinition A market is an environment where buyers and sellers come together to exchange assets, goods, services, or financial instruments. Prices form as buyers and selle...Read More expectations narrowed. The stronger fixing signals less ResistanceResistance is a price area where an advance has previously met enough selling pressure or reduced buying demand to slow, stop, or reverse upward movement. It is best treated as...Read More to gradual AppreciationAppreciation is an increase in the value of one currency compared with another currency. When a currency appreciates, it becomes stronger relative to the currency it is being...Read More, but it does not guarantee a sustained yuan rally.
