---
title: "Offshore Yuan Approaches 33-Month High"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/274455344.md"
description: "The offshore yuan rose to approximately 6.95 per dollar, nearing a 33-month high, following strong manufacturing PMI data that indicated China's factory activity expanded to 50.3 in January. This increase was attributed to faster production and shipment preparations ahead of the Lunar New Year. Despite positive signs for the economy, deflation risks persist. Strong foreign exchange settlement demand and the central bank's guidance also supported the yuan. Markets are now looking forward to upcoming private PMI and inflation data."
datetime: "2026-02-02T03:20:29.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/274455344.md)
  - [en](https://longbridge.com/en/news/274455344.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/274455344.md)
---

# Offshore Yuan Approaches 33-Month High

The offshore yuan strengthened to around 6.95 per dollar on Monday, reversing the previous week’s losses and approaching its highest in thirty-three months, after a strong manufacturing PMI data boosted sentiment.

A private survey showed China’s factory activity expanding at its fastest pace since October, rising to 50.3 in January from 50.1.

The pickup was driven by faster production and front-loading of shipments ahead of the extended Lunar New Year holiday, and it contrasted with the official readings, which slipped back into contraction territory.

Together, the data offered a cautiously positive start to the year for the world’s second-largest economy, even as economists continue to flag lingering deflation risks.

Meanwhile, foreign exchange settlement demand remained strong ahead of the holidays and the central bank’s measured guidance through its daily fixings continued to support the yuan.

Markets now await additional private PMI numbers this week and inflation data next week.

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