
China’s yuan surpassed 7 per dollar for the first time since September 2024, as markets bet the central bank will allow gradual appreciation to boost confidence.
The offshore yuan rose 0.1% to 6.9985 after the People’s Bank of China set its strongest daily reference rate since September 2024.
The yuan is on track for its best year in five years, supported by a weak dollar, stock-market inflows, and easing geopolitical tensions.
Despite gains, analysts say the yuan remains undervalued, with Goldman Sachs estimating it 25% below economic fundamentals.