Yuan holds flat near four-year peak; central bank meetings awaited

Business Recorder reported that the yuan barely moved on Tuesday, remaining close to its strongest level since 2022. The onshore currency was quoted at 6.6684 per dollar, while its offshore equivalent stood at 6.6680, down around 0.01% in Asian trading.

Before trading began, the People’s Bank of China fixed its daily reference at 6.7171 per dollar, below Monday’s setting and 440 pips weaker than a Reuters estimate. The yuan has gained 0.5% against the dollar this month and 4.9% so far this year, supported by demand linked to company settlements and strong exports; investors were also watching interest-rate decisions due in the United States, Europe and Japan. China’s September industrial profits increased more quickly, although the report noted uneven conditions across the economy.