CNY/USD Spot Rate Hits 6.98, Stability Expected in January

2026-01-05 18:32

The onshore Chinese yuan (CNY) appreciated against the US dollar (USD) on the first trading day of 2026, reaching a session high of 6.977. By 4:30 PM, the CNY/USD rate closed at 6.9806, marking an 84 basis point increase from the previous day and setting a new high since May 2023. Wen Bin, Chief Economist at China Minsheng Bank, anticipates that the yuan may continue to appreciate in January due to seasonal foreign exchange settlement demand. However, he notes that the CNY/USD mid-rate's deviation towards depreciation suggests potential pro-cyclical behavior in the market. Despite this, regulatory policies are expected to maintain the RMB's stability, with the exchange rate likely fluctuating between 6.9 and 7.

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