FX.co ★ Offshore Yuan Strongest Since 2022

The offshore yuan traded around 6.65 per dollar, its strongest level since April 2022, supported by robust export growth and increased conversion of exporters’ dollar holdings into yuan. Exports jumped 36.3% year-on-year to USD 447.18 billion in September 2026, the fastest annual pace in seven months, driven primarily by strong global demand for electronics and semiconductors. This solid export performance has helped the currency appreciate about 5% so far this year.

At the same time, demand for the yuan remained firm as exporters accelerated dollar sales and hedging activity amid expectations of further appreciation. The PBoC set the daily midpoint at 6.7138 per dollar, its strongest fixing since February 2023, though 590 pips weaker than Reuters’ estimate. The steady strengthening of the fixing suggests policymakers are comfortable with a firmer yuan but are likely aiming to temper the speed of its gains. The currency is on track for a fourth consecutive monthly advance, having risen about 0.8% in October.