Yuan reaches four-year high
China's yuan strengthened to 6.6682 per US dollar on October 26, its strongest level since June 2022.
The People's Bank of China set the daily midpoint at 6.7162, its strongest official fixing since February 2023. However, the midpoint was 471 pips weaker than market expectations.
Lower oil prices and US Treasury yields supported the yuan's appreciation. The weaker-than-expected fixing suggests the central bank is attempting to manage the pace of gains. If the currency maintains its advance, it will record an eighth consecutive session of appreciation.
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