The offshore yuan edged higher to around 6.78 per dollar on Wednesday, returning to its strongest level since February 2023, buoyed by encouraging domestic economic data. Industrial profits in China jumped 18.2% year-on-year in January–April 2026, supported by robust demand for Chinese electronics and elevated oil prices linked to Middle East tensions. The figures followed earlier signs of slowing economic momentum reflected in industrial output and retail sales data. Still, gains in the yuan were capped after the People’s Bank of China set the daily midpoint fixing at 6.8291 per dollar, 408 pips weaker than a Reuters estimate. The central bank has consistently guided the fixing below market expectations, a move widely interpreted as an effort to maintain currency stability and prevent excessive yuan appreciation.

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