{
  "id": 12805993,
  "title": "Yuan steady despite dollar strength during China's Golden Week holiday",
  "url": "https://urgent.news/2026/10/08/yuan-steady-despite-dollar-strength-during-chinas-golden-week-holiday",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-08T06:06:32.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40443251/yuan-steady-despite-dollar-strength-during-chinas-golden-week-holiday"
  },
  "original_language": "en",
  "account": "On Thursday, China's domestic yuan remained stable as markets reopened following a week-long Golden Week holiday. During this period, the yuan offshore had shown strength despite a robust US dollar. Since late 2024, the yuan has appreciated nearly 9% against the dollar in a seven-quarter trend fueled by robust exports and policies aimed at attracting foreign investments. Despite the dollar index surging higher during the holiday, the offshore yuan demonstrated resilience, indicating the ongoing appreciation of the yuan's value, according to Nanhua Futures.\n\nThe onshore yuan closed at 6.7030 per dollar in early trade, slightly stronger than its September 30 close, the last trading day before the National Day holiday. The People's Bank of China had set a weaker midpoint rate of 6.7367 per dollar prior to the market open, a reflection of the recent dollar index strength, which rose by about 0.8% during China's holiday and reached an 18-month peak earlier in the week. The dollar index was bolstered by a weakening euro due to growing concerns over Europe's debt issues.\n\nHowever, the offshore yuan still gained approximately 0.1% during China's Golden Week, highlighting the support from China's robust export performance. Goldman Sachs noted in a report that Chinese export growth still holds potential over the next few years, even with the historically high trade surplus. Duncan Wrigley, the chief China economist at Pantheon Macroeconomics, explained that the pressure on the yuan's appreciation is partially offset by significant capital outflows. The trade surplus is driving substantial foreign currency inflows, which are being partially absorbed by private portfolio outflows, according to Wrigley.\n\nOfficial figures released on September 29 revealed that Chinese residents had purchased $119 billion in foreign bonds and $44 billion in offshore equities and investment funds during the first half of 2026. This trend was likely driven by the substantial yield gap between Chinese and US Treasuries.",
  "summary": "SHANGHAI: China’s onshore yuan was steady on Thursday as mainland markets reopened after a week-long holiday during which the Chinese currency strengthened offshore despite a strong dollar. The yuan has gained nearly 9% against the dollar since late 2024 in a seven-quarter rising streak buoyed by robust exports and policies designed to attract foreign inflows. Despite the dollar index climbing…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}