China’s yuan climbed to a 3-1/2-year high against the dollar on Tuesday after the central bank set a stronger daily fixing for the 10th consecutive session, as investors awaited a meeting between Chinese President Xi Jinping and U.S. President Donald Trump later this week.
The People’s Bank of China set the yuan’s midpoint rate at 6.7459 per dollar before the market opened, its strongest level since February 3, 2023. The fixing was, however, 470 pips weaker than a Reuters estimate of 6.6989.
