Chinese yuan reaches three-year high
The Chinese yuan rose to its highest level in three years against the dollar, reaching a rate of 6.7039 before settling at 6.7074, after the Chinese central bank set a stronger reference rate. This comes amid expectations of future monetary policies from the Federal Reserve and the Bank of Japan, with the global currency market remaining stable and a slight increase in the U.S. dollar index. Experts anticipate that the yuan will remain volatile around current levels, with an official trend toward gradually reducing the reference rate, despite the effects of the currency's decline on Chinese companies' profits, which accounted for 4% of their earnings in the first half of 2026.
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