Yuan Strengthens to Strongest Level in Over Three Years as Beijing Accelerates Currency Internationalization - Tekedia

China’s central bank set the yuan’s daily midpoint at its strongest level since April 2023, extending year-to-date gains.

The move fits Beijing’s broader push to expand yuan internationalization and reduce reliance on the US dollar.

A weaker dollar is helping the currency, but a stronger yuan can pressure exporters and trim corporate profits.

Markets are also watching how Hong Kong, Singapore and Dubai fit into China’s cross-border settlement push.