{
  "id": 16158254,
  "title": "China's yuan holds steady, set for fourth weekly rise",
  "url": "https://urgent.news/2026/10/23/chinas-yuan-holds-steady-set-for-fourth-weekly-rise",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-23T06:15:10.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40445601/chinas-yuan-holds-steady-set-for-fourth-weekly-rise"
  },
  "original_language": "en",
  "account": "SHANGHAI: China's currency, the yuan, maintained its value against the dollar on Friday, but was set for a fourth straight weekly increase, as a significant sell-off in the stock market affected investor confidence. Traders remained cautious in the wake of key meetings from major central banks next week, with the Federal Reserve, Bank of Japan, and European Central Bank all expected to keep interest rates steady while expressing a more cautious outlook. Alongside this, attention will be directed towards China's fifth plenum, set to take place between October 26 and 29, where fresh policy insights may be revealed. Prior to trading, the People's Bank of China (PBOC) set the midpoint rate for the yuan at 6.7180 per dollar, marking the highest level since February 2, 2023, and a 422 pips decrease from a Reuters estimate of 6.6758. The yuan is permitted to trade within a 2% range of the fixed midpoint each day. In the spot market, the onshore yuan recorded a 0.03% gain at 6.6725 per dollar by 0304 GMT, close to a four-year high of 6.6712 observed the previous day. Should the yuan conclude the day at the midday level, it would have risen by 0.2% against the dollar, marking the fourth consecutive weekly gain for the year, totaling a 4.8% increase. The offshore yuan closed at 6.6724 per dollar, up roughly 0.01% during Asian trading hours. Onshore yuan trading remained confined within a narrow 20-pip range in the morning sessions, according to currency traders, who noted that the recent decline in mainland equities had dampened market sentiment. They added that investors will be closely watching the upcoming Federal Reserve policy meeting and subsequent remarks for indications of the direction of US monetary policy, which could have an impact on global financial markets. A Reuters survey indicated that the Fed would refrain from raising interest rates this month and would instead raise rates in December, as policymakers signal patience despite persistent inflation suggesting a more aggressive approach. Separately, much of the market's focus will be on China's fifth plenum, scheduled for October 26-29, with analysts expecting the event to yield primarily political rather than economic outcomes, but still subjecting the communiqué to scrutiny for any new signals, according to Lynn Song, chief economist for Greater China at ING.",
  "summary": "SHANGHAI: China’s yuan held steady against the dollar on Friday but remained on course for a fourth consecutive weekly rise, as a sharp selloff in the share market weighed on investor sentiment. Investors also stayed cautious ahead of major central bank meetings next week, with the Federal Reserve, Bank of Japan and European Central Bank widely expected to keep rates unchanged while maintaining a…",
  "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."
}