China Yuan Rises to Strongest Level in More Than Four Years

China's yuan recorded its strongest performance against the dollar in more than four years on Friday, supported by the country's robust exports and the central bank's nod.

The offshore yuan edged up and surpassed the key 6.70 per dollar threshold during the morning trading session, marking the highest level since July 2022.

Friday's rise came as the People's Bank of China raised its daily currency fixing in the eight straight sessions to Friday, the longest streak since 2023.

Ahead of the summit between President Donald Trump and Chinese leader Xi Jinping set for late September, the Chinese central bank has been supporting the yuan through firmer daily reference rates.

The Chinese leadership views a stronger yuan as a show of national strength and confidence in the broader economy. However, a robust currency would complicate the country's manufacturing and export competitiveness.

"Looking ahead, the renminbi is likely to receive further support from the Trump-Xi summit expected next week," said Serena Zhou, strategist at Mizuho Securities. "In addition to an extension of the current trade truce, there is a strong possibility that the U.S. and China will reach a framework to reduce bilateral tariffs," Zhou added in a Thursday note.

Still, by keeping these rates below market expectations, authorities indicate their preference for gradual appreciation, despite growing global calls for a much stronger Chinese currency as China's trade surplus balloons.

Write to Singapore Editors at singaporeeditors@dowjones.com

(END) Dow Jones Newswires

September 17, 2026 22:45 ET (02:45 GMT)