The People’s Bank of China just did something it hasn’t done in roughly three years. It set the yuan’s daily reference rate above 6.80 per US dollar, a level that signals meaningful strength in the Chinese currency and a deliberate policy choice by Beijing.
What the PBOC actually did
On July 9, 2026, the PBOC set its USD/CNY daily central parity rate at 6.8036. In the sessions surrounding that fix, rates of 6.8066 and 6.8067 were also recorded, keeping the yuan firmly in stronger territory.
The yuan doesn’t float freely like the dollar or euro. The PBOC sets a daily midpoint, and onshore trading is allowed to fluctuate within a 2% band on either side.
Back in January 2026, the yuan traded below 7.00 per dollar for the first time in nearly three years. Moving from sub-7.00 territory in January to above 6.80 in July represents a roughly 3% appreciation in six months.
