Offshore yuan steadies near Jan 2023 highs as China trade jumps
Offshore yuan held steady around 6.70 per dollar, near its strongest level since January 2023. China’s August exports rose 25.0% y/y to $401.44B and imports gained 28.2% y/y to $282.4B, widening the trade surplus to $119.09B.
70 per dollar on Tuesday, holding near its strongest level since January 2023. 9% growth in July. 5% in July and marking an eighth straight month of double-digit growth. 09 billion a year earlier, in line with forecasts.
The data came as Washington increased pressure on Beijing over trade imbalances ahead of a planned Trump-Xi meeting, while a fragile tariff truce between the two sides is set to expire in November. Trade tensions with Brussels are also rising ahead of an October deadline to address imbalances, which EU leaders increasingly see as a strategic concern.