China's offshore yuan strengthened further on Thursday, climbing past the psychological benchmark of 7 per U.S. dollar for the first time since 2024 and reached 6.9965.
The onshore yuan, meanwhile, hit 7.01 against the U.S. dollar.
Both rates were reached for the first time since September 2024.
On Thursday, the People's Bank of China set its daily reference rate at 7.0392 per U.S. dollar.
Analysts attribute the recent strengthening to both a weaker U.S. dollar, as well as shifts in the supply and demand of foreign exchange.
Market optimism for the yuan continues to rise, with many predicting the currency will appreciate further.
China's offshore RMB climbs past seven per US dollar benchmark
China's offshore RMB climbs past seven per US dollar benchmark
Recent Taiwan-related remarks by Japanese Prime Minister Sanae Takaichi, along with statements by a senior Japanese official suggesting Japan should possess nuclear weapons, have continued to draw criticism from the international community.
Commentators from multiple countries said the remarks openly challenge the one-China principle and the principle of non-interference in internal affairs, warning that Japan's nuclear rhetoric is extremely dangerous and poses a serious threat to global security and peace.
Richard Morales, Professor of Political Science at the University of Panama, said the Japanese prime minister's remarks amount to hostility and aggression toward China.
"Such statements are a blatant provocation against the one-China principle and the principle of non-interference in other countries' internal affairs. The advocacy of nuclear weapons is undoubtedly a dangerous stance at a time when the world is seeking disarmament rather than nuclear proliferation. The remarks reflect Japan's lack of historical memory and understanding of the crimes it committed during World War II, particularly crimes against the Chinese people. Japan has not apologized for those crimes and instead has issued provocative statements related to Taiwan," said Morales.
"Japan's recent statements point in a dangerous direction. This not only represents a betrayal of the post-World War II international order but also violates Japan's pacifist constitution and its commitments under the Treaty on the Non-Proliferation of Nuclear Weapons. These statements by Japanese leaders and officials, especially those related to acquiring nuclear weapons, could trigger a series of conflicts in the future and expose the region to enormous risks," said Hussein Ismail, researcher at the Political Institute of the Egyptian News Agency.
"I think the remarks by Prime Minister Takaichi, which in my mind would be exceedingly dangerous. I don't think Japan should acquire nuclear weapons, it should take leadership in opposing the spread of nuclear weapons, and certainly should not be seeking nuclear weapons for itself," said Michael T. Klare, Professor Emeritus of Peace and World Security Studies at Hampshire College, USA.
Japanese official's remarks on possessing nuclear weapons spark global alarm
