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The offshore yuan inched up to around 6.78 per dollar on Wednesday, returning to its strongest level since February 2023, supported by upbeat domestic economic data. Industrial profits in China surged 18.2% year-on-year in January–April 2026, driven by solid global demand for Chinese electronics and higher oil prices amid ongoing tensions in the Middle East. These figures came on the heels of earlier data pointing to a loss of economic momentum, including softer industrial production and retail sales. However, the yuan’s advance was limited after the People’s Bank of China set the daily midpoint at 6.8291 per dollar, 408 pips weaker than the Reuters estimate. The central bank has repeatedly fixed the currency below market expectations, a move widely seen as an attempt to preserve exchange-rate stability and curb excessive yuan appreciation.
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