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China's yuan climbs past 7 per dollar as central bank capitulates to bulls
From Bloomberg News
Wednesday, December 24, 2025
The yuan climbed past the psychological milestone of 7 per dollar for the first time since September 2024, on bets that China's central bank will allow gradual currency appreciation to boost market confidence.
The offshore yuan gained as much as 0.2% to 6.9964 per dollar. The move came after the People's Bank of China strengthened its daily reference rate to the strongest level since September 2024.
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The yuan is headed for its best year in half a decade against the dollar, thanks to a slump in the U.S. currency, inflows chasing China’s stock-market rebound, and easing geopolitical tensions.
Beijing has been guiding the yuan stronger at a carefully orchestrated pace with its fixing in the past few months as it seeks to allow currency appreciation without triggering foreign-exchange volatility. ...
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