The offshore yuan broke through the 7 mark for the first time since 2024, while the onshore yuan hit a new high in more than a year.

The offshore yuan broke through the 7 mark against the US dollar for the first time since 2024. The onshore yuan also broke through 7.01 against the dollar, reaching a new high since September 2024. The central parity rate of the yuan against the dollar was 7.0392, an increase of 79 basis points, the highest since September 30, 2024, and the largest increase since August 27, 2025. Market analysts believe that the weakening dollar index, the increased resilience of the Chinese economy, and the release of year-end demand for foreign exchange settlement have driven the strong appreciation of the yuan. In the short term, the yuan is expected to maintain a relatively strong trend against the dollar, but whether it can hold above the 7.0 mark remains to be seen.