Yuan reaches strongest level against U.S. dollar in 3½ years

Reuters, citing market data, reported that the onshore yuan reached 6.6957 per dollar on September 21, its strongest since January 16, 2023. The offshore yuan rose to about 6.6946. The Wall Street Journal, citing LSEG, also placed the offshore yuan near 6.6943.

The People's Bank of China set the official midpoint at 6.7487 per dollar, the strongest since February 3, 2023. Reuters calculated that the fixing was still 536 pips weaker than its market-model estimate, indicating that policymakers had not removed all resistance to the pace of appreciation.

Reuters interpreted the faster strengthening of the midpoint as a sign that authorities were easing their restraint on the yuan before the September 24 meeting between Donald Trump and Xi Jinping. That is a market inference from the fixing pattern, not a newly announced PBOC exchange-rate policy.

Analysts also cautioned that the move might not be sustained. The path still depends on the dollar, U.S.-China discussions, capital flows, exporters' conversions and Chinese economic data. N Globe does not present short-term price action as a confirmed policy shift.

The accompanying image is an N Globe editorial illustration. Verification status: confirmed. News value: B-level important news. Origin region: China. Primary section: Economy. Related regions: United States, Asia and World. Main market-data time: approximately September 21, 2026, 03:14 UTC. Report date: September 21, 2026.