The offshore yuan appreciated to around 7.25 per dollar, rebounding sharply from four-month lows amid reports that Chinese state-owned banks supported the currency by selling dollars in onshore markets. The People’s Bank of China has also been setting stronger-than-expected midpoint rates in recent sessions, in a sign of authorities’ discomfort with the yuan’s weakness. Last week, the yuan tumbled nearly 1% on bets that China will ease policy further to prop up the economy. A senior central bank official also said recently that the PBOC has room to further cut banks’ reserve requirement ratio, among other policy tools in their arsenal. Investors now look ahead to Chinese manufacturing and services activity data in the coming days to gauge the health of the world’s second-largest economy.
The USDCNY increased 0.0085 or 0.12% to 7.2623 on Thursday March 28 from 7.2538 in the previous trading session. Historically, the Chinese Yuan reached an all time high of 8.73 in January of 1994. Chinese Yuan - data, forecasts, historical chart - was last updated on March 28 of 2024.
The USDCNY increased 0.0085 or 0.12% to 7.2623 on Thursday March 28 from 7.2538 in the previous trading session. The Chinese Yuan is expected to trade at 7.26 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 7.27 in 12 months time.