Yuan Hits 6.77 Per Dollar, Highest in 3 Years as Exports and Weak Dollar Lift Demand
Updated
Updated · UPI News · Jun 11
Yuan Hits 6.77 Per Dollar, Highest in 3 Years as Exports and Weak Dollar Lift Demand
3 articles · Updated · UPI News · Jun 11
Summary
6.77 yuan per dollar on Wednesday marked the currency’s strongest level since Feb. 15, 2023, extending a sharp rebound that has pushed it back into the 6-yuan range.
Strong exports and China’s large trade surplus have supported the rise, while a weak dollar and Middle East war-driven demand for yuan have added momentum.
Markets now widely expect the yuan to strengthen toward 6.5 per dollar, and Beijing is not seen intervening aggressively after central bank governor Pan Gongsheng said China does not need depreciation.
A stronger yuan could still squeeze export-dependent manufacturers by raising overseas prices and could intensify China’s chronic deflation pressure through cheaper imports.