The offshore yuan appreciated past 7.25 per dollar, moving away from five-month lows as the central bank continued to guide the currency higher in an effort to maintain yuan stability. State-owned banks in China also continued to support the yuan by selling dollars in onshore markets. Earlier this week, official data showed that the country’s economy expanded 5.3% in the first quarter from a year ago, higher than the 5.2% seen in the previous quarter and beating expectations for a 5% growth. Analysts said that strong first quarter growth will likely prevent authorities from easing policy further, which should provide some support to the yuan. However, industrial production and retail sales in China rose less than anticipated in March. Externally, the yuan faced downward pressure from a rallying dollar as strong US economic data and hawkish remarks from Federal Reserve officials cemented expectations that the Fed will delay interest rate cuts.
The USDCNY decreased 0.0008 or 0.01% to 7.2501 on Friday April 19 from 7.2509 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 April 19 of 2024.
The USDCNY decreased 0.0008 or 0.01% to 7.2501 on Friday April 19 from 7.2509 in the previous trading session. The Chinese Yuan is expected to trade at 7.30 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 7.45 in 12 months time.