US Dollar / Chinese Yuan
1 USDCNY = $6.7667
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The Chinese yuan strengthened after the PBOC set its daily fix below 6.8 against the dollar, marking the first such move since 2023, amid broader emerging market currency rebounds. CNY/USD traded around 0.1476 on July 10.

The Chinese yuan strengthened after the People's Bank of China set its daily fixing below 6.8 against the dollar for the first time in years. This move occurred amid broader FX market developments including yen-related flows.

China set a weaker daily yuan fixing for the fourth consecutive session in response to the advancing US dollar. The move reflects ongoing pressure on the Chinese currency amid dollar strength.

Analysts at Macquarie warned that the Chinese yuan could weaken toward 5 per US dollar if carry trades unwind, amid broader emerging market currency pressures.