The offshore yuan traded around 6.93 per dollar on Wednesday, hovering near its highest level since May 2023, mainly buoyed by a strong daily fixing and a weakening greenback. The central bank set the midpoint rate at 6.9755 per dollar, its firmest level since May 2023 and more than 100 pips stronger than the previous session, which marked the biggest single-day change since August. The latest move highlighted the central bank’s cautious approach, supporting controlled appreciation while discouraging rapid speculative bets. Externally, the yuan found additional support from a softening greenback after US President Donald Trump downplayed recent currency movements, noting the dollar had not fallen significantly. The yuan was also further supported by strong currency settlement ahead of the Lunar New Year. Meanwhile, investors are turning their attention to upcoming PMI releases, with both official and private surveys expected to offer fresh insights into China’s economic activity.

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