Yuan hits fresh multi-year peak as PBOC eases curb ahead of Trump-Xi summit
HONG KONG: China’s yuan strengthened to more than a 3-1/2-year high against the US dollar on Monday as the central bank softened its curb on currency appreciation ahead of the meeting this week between the leaders of China and the US. US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng concluded talks in New York on Sunday, laying the groundwork for President Donald Trump and…
The Chinese yuan reached a multi-year high against the US dollar, strengthening to 6.6957 per dollar in early trade on Monday, as the People's Bank of China (PBOC) eased its curb on currency appreciation ahead of the upcoming Trump-Xi summit. The central bank's midpoint rate was set at 6.7487 per dollar, the strongest since February 2023, indicating a shift in policy.
Analysts suggest that the PBOC's move is in line with historical patterns, providing more room for the yuan to strengthen further. While the stronger yuan may create a more constructive backdrop for US-China negotiations, investors are advised to remain cautious about interpreting the PBOC's move as the start of a sustained yuan appreciation cycle.
Brief written by urgent.news from Business Recorder's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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