Chinese yuan hits 32-month high against US dollar

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.

The 17th meeting of the China-Vietnam Steering Committee for Bilateral Cooperation was held in Hanoi on Tuesday.

Member of the Political Bureau of the Communist Party of China Central Committee and Foreign Minister Wang Yi and Vietnamese Deputy Prime Minister Bui Thanh Son co-chaired the meeting with officials from various ministries and provincial governments of both sides participating online and offline.

Efficient coordination among various departments and localities of the two countries has led to an upgrade in all-round cooperation, Wang noted.

Faced with a complex and volatile international situation, China and Vietnam should join hands to advance the path of socialist modernization, continuously create new prospects for relations between the two parties and countries, and make new contributions to strengthening Global South unity and self-reliance and promoting international and regional peace and stability, said Wang.

He added that both sides should expand the breadth of pragmatic cooperation, including promoting railway connectivity, strengthening cooperation in agriculture, electricity, finance, key minerals, and technological innovation, and jointly safeguarding the multilateral trading system.

Efforts should also be made to maintain the momentum of people-to-people exchanges, such as promoting cooperation in media, publishing, radio, and film, and to strengthen the management of differences, advance maritime cooperation, and conclude consultations of the Code of Conduct in the South China Sea at an early date, Wang added.

Son said that Vietnam has always regarded China as a top priority and strategic choice in its foreign policy, adding that Vietnam firmly adheres to the one-China policy and opposes any form of Taiwan separatist activities.

He added that Vietnam agrees with the next steps of cooperation proposed by China, and is willing to further consolidate strategic mutual trust, prepare for high-level exchanges, and strengthen party and parliamentary exchanges.

Vietnam is willing to deepen defense and security cooperation, promote mutually beneficial cooperation in trade, agriculture, finance, green energy, and cultural and educational fields, strengthen multilateral coordination and cooperation, properly manage differences, and advance Vietnam-China relations to deeper and more substantive levels, Son said.