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Chinese Yuan Breaks 6.8000 Against U.S. Dollar, Hits Highest Since February 2023

GateNews
Forex

According to Goldman Sachs, the Chinese yuan strengthened past 6.8000 against the U.S. dollar on May 11, reaching its highest level since mid-February 2023. Goldman Sachs forecasts the yuan will appreciate to 6.5 within the next 12 months, representing approximately 5% appreciation, as the U.S. dollar index faces further downside risks. Meanwhile, cross-border yuan settlement surged 14% year-over-year in the first quarter, and offshore yuan bond issuances by foreign entities exceeded 26.2 billion yuan in April, roughly four times the prior-year level.

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