FINANCE

Yuan Strengthens Past 6.90 a Dollar Amid Greenback Weakness

Published: Feb. 13, 2026 12:43 a.m. GMT+8

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The yuan’s recent strength has been largely underpinned by a softer U.S. dollar. Photo: IC

China’s yuan strengthened past the key 6.90-per-dollar threshold on Thursday, with both its onshore and offshore exchange rates climbing to their highest levels this year ahead of the Spring Festival holiday.

The offshore yuan, which trades more freely, rose to as strong as 6.894 per dollar during the session and has gained more than 1.1% since the end of 2025. Its onshore counterpart also briefly moved past 6.9, touching 6.8998 in the afternoon. The onshore rate closed at 6.9016, 99 pips stronger than the previous trading day, bringing its total gain this year to 1.25%.

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The yuan strengthened past 6.90 per dollar, with the offshore rate reaching 6.894 and a year-to-date gain of 1.1%; the onshore rate gained 1.25%.
The PBOC set a weaker fixing to curb gains, with a 340-pip gap from the prior close, signaling efforts to stabilize the currency.
Yuan’s rise follows a weaker U.S. dollar and capital outflow from the U.S., but sustainability is uncertain due to downward-trending Chinese interest rates.

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Who’s Who

China Construction Bank Corp. Ltd.: Zhang Tao, from China Construction Bank Corp. Ltd.'s financial markets department, wrote that the yuan's historical pattern suggests a strong start to the year is often followed by weakness. He emphasized that the currency's sustained strength depends on balancing exchange-rate flexibility and economic fundamentals.

Deutsche Bank AG: Deutsche Bank AG's global head of foreign-exchange research, George Saravelos, noted in a February 12 report that the dollar has lost its exceptional status in terms of yield, growth, and safe-haven appeal. He added that negative equity-market news is currently concentrated in the U.S., while other major economies are performing relatively well.

AI generated, for reference only