China’s yuan has risen to its strongest level against the U.S. dollar in more than four years, days before Chinese Communist Party leader Xi Jinping meets President Donald Trump in Washington on Sept. 24.
The People’s Bank of China on Sept. 21 set its daily midpoint at 6.7487 yuan per dollar, strengthening the reference rate for a ninth consecutive trading day. The onshore yuan later closed at 6.6955 per dollar, its strongest daily close since July 2022.
A weaker yuan lowers the dollar price of Chinese exports, giving Chinese producers a price advantage in the U.S. market. A stronger yuan does the reverse and makes foreign goods cheaper for Chinese buyers….