The Chinese yuan has reached a six-month high, breaking the important mark of 7.20 per dollar after China and the United States agreed to mutually reduce duties, according to The Economic Times.
According to the publication, this contributed to the strengthening of the yuan by 0.20% to 7.193 per dollar on the mainland market and by 0.15% to 7.1878 on the offshore market.
This agreement could be an important step towards ending the trade war that has destabilized the global economy.
The spot rate of the yuan in the Chinese currency system SFETS reached its highest level since November 2024, and the Central Bank of China announced an average fixed rate of 7.1991, the highest since April 7.