Offshore Yuan Holds at Over 4-Year High

2026-09-21 00:44 By Czyrill Jean Coloma 1 min. read

The offshore yuan held its gains around 6.69 per dollar on Monday, remaining at its strongest level since July 2022, as the People’s Bank of China kept its benchmark lending rates unchanged for a 16th consecutive month at record lows.

The one-year loan prime rate (LPR) was held at 3.0%, while the five-year LPR remained at 3.5%.

The decision comes as policymakers face limited room for further monetary easing as the yuan continues to strengthen and after other central banks shifted to rate hikes.

However, current conditions continue to support the possibility of a rate cut before year-end, as economic growth slows, inflation remains subdued, and credit activity stays weak.

Meanwhile, investor focus remained on high-level US-China engagement after officials from both countries met in New York on Sunday to prepare for a closely watched summit between Presidents Donald Trump and Xi Jinping on September 24.



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Offshore Yuan Holds at Over 4-Year High
The offshore yuan held its gains around 6.69 per dollar on Monday, remaining at its strongest level since July 2022, as the People’s Bank of China kept its benchmark lending rates unchanged for a 16th consecutive month at record lows. The one-year loan prime rate (LPR) was held at 3.0%, while the five-year LPR remained at 3.5%. The decision comes as policymakers face limited room for further monetary easing as the yuan continues to strengthen and after other central banks shifted to rate hikes. However, current conditions continue to support the possibility of a rate cut before year-end, as economic growth slows, inflation remains subdued, and credit activity stays weak. Meanwhile, investor focus remained on high-level US-China engagement after officials from both countries met in New York on Sunday to prepare for a closely watched summit between Presidents Donald Trump and Xi Jinping on September 24.
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Chinese Yuan Hits 4-year High
The Chinese Yuan touched 6.69 against the USD, the highest since July 2022. Over the past 4 weeks, US Dollar Chinese Yuan lost 0.55%, and in the last 12 months, it decreased 5.92%.
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Offshore Yuan Strongest Since 2022
The offshore yuan strengthened to around 6.69 per dollar on Friday, extending gains from the previous session and reaching its strongest level since July 2022, as a firmer daily fixing from the People’s Bank of China continued to support the currency. The central bank set the daily midpoint at 6.7521 per dollar, stronger than Thursday’s 6.7580, marking an upward bias in the fixing for an eighth consecutive session and the longest such run since 2023. The move indicated that the central bank may be increasingly comfortable with a stronger yuan ahead of President Donald Trump’s meeting with Chinese leader Xi Jinping in the US on September 24. A stronger currency could help alleviate some trade tensions between the two economies, as Western officials have argued that an undervalued yuan gives Chinese exporters a competitive edge. Meanwhile, US Treasury Secretary Scott Bessent is also set to meet Chinese Vice Premier He Lifeng this weekend.
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