The onshore yuan traded at 6.7030 per dollar on Thursday, a little firmer than its Sept. 30 close. The People's Bank of China set the midpoint at 6.7367, weaker than the previous fix.
China's onshore yuan was steady on Thursday as mainland markets reopened after the week-long National Day holiday, Reuters reported from Shanghai. In mid-morning trade the currency changed hands at 6.7030 per dollar, slightly firmer than its close on Sept. 30, the last session before the break.
Before the open the People's Bank of China set the midpoint at 6.7367 per dollar, weaker than the previous fix of 6.7351 and weaker than a Reuters estimate of 6.7254, FXStreet reported. The offshore yuan had strengthened about 0.1 percent during the holiday even as the dollar index rose.
Nanhua Futures said the offshore currency's resilience suggested the appreciation trend had not ended. Reuters said the yuan has gained nearly 9 percent against the dollar since late 2024 over seven quarters, supported by exports and policies aimed at foreign inflows. Goldman Sachs said in a report cited by Reuters that Chinese export growth still has some runway despite a historically high trade surplus.
Official data released on Sept. 29 showed Chinese residents bought 119 billion dollars of foreign bonds and 44 billion dollars of offshore equities and funds in the first half of 2026. Reuters attributed that shift in part to the yield gap with US Treasuries.
Thursday's session is a reopening fix, not a policy-rate decision. No new People's Bank rate change was reported with the midpoint.
People Sentiments Neutral
- Nanhua Futures said the offshore yuan's holiday resilience suggested the appreciation trend had not ended.