The offshore yuan strengthened to around 6.81 per dollar on Monday, reaching a two-week high amid the extended Labour Day holiday, as rising demand for yuan settlements supported the currency. Yuan-denominated settlements via the Cross-Border Interbank Payment System (CIPS) reached CNY 1.46 trillion in March, roughly triple the level five years ago. The surge has been driven in part by greater use of the yuan in energy trade amid the Middle East war, as Iran began accepting yuan for transit fees through the Strait of Hormuz. Russia has also shifted toward yuan-based settlements for energy exports, particularly in trade with China. Similar trends are emerging in the Middle East, where the yuan’s share of Saudi oil transactions exceeded 40% in March. Earlier this year, Chinese President Xi Jinping pledged to rein in financial risks while promoting the yuan as a global reserve currency, fueling expectations of faster internationalization and a wider global role for China’s currency.

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