China’s central bank, the People’s Bank of China (PBOC), has set the yuan’s daily midpoint at its strongest level since April 25, 2023, reflecting ongoing currency market trends. This adjustment comes amid recent dollar weakness, which has contributed to the yuan’s appreciation, as concerns around the US dollar have provided support for the Chinese currency. Additionally, this strengthening of the yuan aligns with broader global trends towards de-dollarisation, as various economies seek to lessen their reliance on the US dollar.
China sets yuan midpoint at strongest level since April 25, 2023
