The Chinese yuan hit a 32-month high against the dollar on January 26, 2026, due to a weaker dollar and strong export demand.

The Chinese yuan hit a 32-month high against the dollar on January 26, 2026, reaching 6.9558 onshore and 6.9522 offshore, with the central parity set at 6.9843—its strongest since May 2023. Despite market expectations of a stronger midpoint, the PBOC’s setting was significantly weaker, signaling controlled appreciation. The yuan gained 0.5% in early 2026, following a 4.5% rise in 2025, driven by a weaker dollar and increased export-related demand ahead of Lunar New Year. Analysts expect continued resistance to rapid appreciation, with possible policy adjustments. Regional currencies also strengthened amid speculation of coordinated U.S.-Japan intervention to curb yen weakness.