The offshore yuan strengthened to around 6.94 per dollar in January, extending gains for a fourth consecutive month, as exporters ramped up currency demand ahead of the awaited holiday. Chinese firms typically accelerate the conversion of foreign earnings into yuan in the weeks before the Lunar New Year to fund employee bonuses and seasonal expenses. The currency has also been supported by an improving domestic outlook, underpinned by China’s sizable trade surplus, renewed investor interest in local equities, and rising expectations of additional policy stimulus. However, the gains have been partially restrained by the People’s Bank of China, which has set its daily reference rate weaker than market expectations since late November, signaling an intent to curb excessive appreciation. On Thursday, the US Treasury labeled the yuan “substantially undervalued” and called on China to allow the exchange rate to strengthen in a “timely and orderly” manner.

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