Chinese Yuan Hits 4-Year High Ahead of Trump–Xi Meeting
A stronger yuan raises the foreign price of Chinese goods as the United States and Europe press Beijing over its large trade surplus and reliance on exports.
TL;DR
- Chinese yuan hit its strongest level against the U.S. dollar in over four years.
- This development precedes a meeting between Chinese Communist Party leader Xi Jinping and President Donald Trump.
- The People's Bank of China strengthened its daily midpoint for the ninth consecutive trading day.
- The onshore yuan closed at its strongest daily rate since July 2022.
- A stronger yuan decreases the dollar price of Chinese exports and increases the affordability of foreign goods in China.