The Chinese yuan strengthened to a 32-month high against the dollar on Monday, after the People's Bank of China lifted its official guidance rate.
The onshore yuan rose to a high of 6.97 per dollar at 1245 GMT, the strongest level since May 2023. Meanwhile, its offshore counterpart last fetched 6.96 per dollar.
The central bank set the midpoint rate at 7.0108 per dollar -- the firmest level since September 2024.
The yuan gained 4.5 percent against the dollar in 2025, marking its best annual performance since 2022, supported by a broadly weaker greenback and increased year-end foreign exchange settlements by Chinese exporters.
Chinese yuan hits 32-month high against US dollar
Chinese Vice Premier He Lifeng said on Monday that China welcomes foreign enterprises including Warburg Pincus and long-term capital to continue expanding their investment in China and deepen mutually beneficial cooperation with China.
He, also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks when meeting with former U.S. Secretary of Treasury Timothy Geithner, now chairman of Warburg Pincus.
The vice premier said that China is fully implementing the guiding principles of the fourth plenary session of the 20th CPC Central Committee, in accordance with the suggestions and arrangements of the 15th Five-Year Plan, and advancing the building of a unified national market, unswervingly expanding high-level opening-up and promoting high-quality economic development.
For his part, Geithner said that he is optimistic about the prospects of China's economic development, and Warburg Pincus is willing to continue to deepen its presence in the Chinese market and promote the deepening of economic and trade cooperation between the United States and China.
China welcomes foreign enterprises, long-term capital to continue expanding investment in China: vice premier
