Yuan Surges to Year-High Against Trading Partners Amid Global Market Shifts
China's yuan hit its highest level in a year against its major trading partners as the People's Bank of China set the official midpoint weaker than estimates. The CFETS yuan basket index reached 100.15, showing year-to-date gains, as the yuan weakened less than other currencies amid global market dynamics.
- Country:
- China
China's yuan surged to its strongest level in a year against its major trading partners on Friday. The People's Bank of China (PBOC) set its official midpoint at 6.9007 per dollar, slightly weaker than the prior setting and market estimates.
According to Reuters, based on Friday's official guidance, the trade-weighted CFETS yuan basket index climbed to 100.15, marking the highest point since March 3, 2025, with a year-to-date gain of approximately 2.2%.
The CFETS index's robustness can be attributed to the yuan's comparatively milder weakening against a strengthening dollar, driven by global risk aversion stemming from escalating tensions in the Middle East.
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