Yuan hits fresh high since 2022 on export growth, stronger guidance

The Chinese yuan climbed to 6.6789 per dollar in early Tuesday trading, its firmest level since June 28, 2022, according to Business Recorder. A firmer daily midpoint from the People's Bank of China and faster corporate currency settlements helped push it higher. The offshore yuan was quoted at 6.6787 per dollar, up about 0.05%, and also at a four-year high.

China's economy expanded 4.5% last quarter, a rebound from a three-year low that beat forecasts. Exports and industrial output again carried expansion even though domestic spending remained soft. Policymakers kept their main lending rates steady for the 17th consecutive month in October, matching market expectations.

Analysts at CSCI Pengyuan Credit Rating named trade activity as the chief driver of the yuan's gains this round. They also said companies sped up their foreign-exchange settlements, and expected measured appreciation through the remainder of 2026. Before trading opened, the central bank set the midpoint at 6.72 per dollar, which was 387 pips weaker than a Reuters estimate. Traders and analysts saw this gap as an effort to manage how quickly the currency appreciates.