The offshore yuan recovered to 6.45 per USD on Thursday from one-month lows of 6.48 in the previous session, amid better news on the Evergrande front. The company's chairman said the top priority is to help wealth investors redeem their products. Also, Evergrande’s onshore property unit said on Wednesday night that an interest payment on one of its yuan-denominated bonds “has been resolved via negotiations off the clearing house". However, the property giant still faces $83.5 million in dollar-bond interest payments. Meanwhile, the PBoC made another cash injection in the banking system, via CNY 120 billion of reverse repos, following a similar move on Wednesday.
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 September of 2021.
The Chinese Yuan is expected to trade at 6.49 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 6.56 in 12 months time.