China’s onshore yuan reached its strongest level since June 2022 on Oct. 30, while customs data showed exports climbed 29.6% in September, pairing a currency milestone with a separate measure of trade growth.
At 10:40 p.m. ET Thursday (02:40 UTC Friday), the yuan traded at 6.6590 per dollar after opening at 6.6600, Reuters reported. The level was its strongest since June 6, 2022. The currency was on course for a fourth consecutive monthly gain and a fifth weekly advance, and had risen about 5% against the dollar so far in 2026, Reuters said. The new high extended a move EconoTimes covered after the yuan reached an earlier high and the Oct. 29 fixing was weaker for the yuan than Reuters’ estimate.
The China Foreign Exchange Trade System (CFETS), acting under authorization from the People’s Bank of China (PBOC), set the Oct. 30 central parity at 6.7138 yuan per dollar, nine pips stronger than the Oct. 29 level of 6.7147. Reuters said the fixing was the strongest since February 2023 but 590 pips weaker for the yuan than its estimate. The spot quote and midpoint are different measures: the first reflects market trading at a particular time, while the second is the official daily reference. PBOC rules set the interbank spot trading band at 2% above or below that day’s central parity.
China’s General Administration of Customs (GAC) said exports totaled 3.03 trillion yuan in September, up 29.6% from a year earlier. For January through September, exports reached 23.2 trillion yuan, 16.4% above the same period last year.
Reuters reported exporters were selling dollar holdings and adding currency hedges as the yuan appreciated. Those reported sales bring dollars into the market for conversion, while the stronger exchange rate means exporters receive fewer yuan for each dollar of income, Reuters reported. OCBC analysts told Reuters the sequence of daily fixes signaled little official resistance to a stronger currency; they nevertheless saw room for the pace of appreciation to ease.
