The Chinese yuan strengthened against the dollar to its highest level since June 2022. In the spot market, the exchange rate reached 6.6682 yuan per dollar. The growth of the Chinese currency took place against the background of falling yields on US bonds and falling oil prices, Reuters reports. Before trading began, the People's Bank of China set the median rate at 6.7162 yuan per dollar. This is the strongest reading for the official index since February 2023. With such a quote, a decrease in the number of yuan to the dollar means a strengthening of the Chinese currency. The movement of the foreign exchange market coincided with the expectation of the decisions of leading central banks. Ahead of us are meetings of the US Federal Reserve, the European Central Bank and the Bank of Japan, which are attracting the attention of currency traders. Another political event remains the Fifth Plenum of the Central Committee of the Communist Party of China. The yuan has approached these meetings at a multi-year high, and additional exchange rate dynamics will be evaluated against the background of their results.

The Chinese yuan strengthened against the dollar to its highest level since June 2022. In the spot market, the exchange rate reached 6.6682 yuan per dollar. The growth of the Chinese currency took place against the background of falling yields on US bonds and falling oil prices, Reuters reports. Before trading began, the People's Bank of China set the median rate at 6.7162 yuan per dollar. This is the strongest reading for the official index since February 2023. With such a quote, a decrease in the number of yuan to the dollar means a strengthening of the Chinese currency. The movement of the foreign exchange market coincided with the expectation of the decisions of leading central banks. Ahead of us are meetings of the US Federal Reserve, the European Central Bank and the Bank of Japan, which are attracting the attention of currency traders. Another political event remains the Fifth Plenum of the Central Committee of the Communist Party of China. The yuan has approached these meetings at a multi-year high, and additional exchange rate dynamics will be evaluated against the background of their results.