Yuan nears 7 as US–China thaw lifts sentiment, but PBOC slows pace of appreciation
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The yuan is nearing the 7-per-dollar level due to improved US-China relations and a softer dollar, but the PBOC is managing its appreciation pace. The onshore yuan reached its strongest level in over a year at 7.06, with the PBOC setting a strong daily fixing. Authorities aim for controlled appreciation, using weaker fixings and dollar purchases to slow the yuan's rise. Citigroup strategists and analysts emphasize a managed appreciation approach, prioritizing stability and gradual strengthening.
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