China’s yuan strengthened to 6.6957 per dollar Monday, its strongest level since January 2023, as the People’s Bank of China eased its longstanding grip on the currency’s appreciation. For nearly a year, Beijing had deliberately set its daily reference rate weaker than markets wanted, capping the yuan’s rise. That restraint loosened sharply this month, just days before President Xi’s visit to Washington. The yuan is now up roughly 10% since April 2025, when US tariffs on China first took effect. Goldman Sachs said Chinese policymakers “should continue to feel comfortable allowing sustained but gradual currency appreciation” with the summit on the calendar, while OCBC noted some of the recent move likely reflects deliberate policy management rather than pure market forces.
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