Offshore Yuan Holds Firm
The offshore yuan held firm around 6.66 per dollar on Tuesday, finding support from robust external trade data as China’s year-to-date trade surplus crossed the $1 trillion threshold for the second time on record. China’s exports surged 35.2% year-on-year to $412.33 billion in October 2026, driven by sustained global demand for AI-related technology products. Imports also expanded sharply, jumping 41.6% to $307.05 billion, the fastest annual growth since May 2021. Through the first ten months of the year, exports grew 22.7% and imports rose 29.0%, bringing the trade surplus to $1.043 trillion and putting the full-year figure on track to eclipse last year’s record of $1.2 trillion. The currency also drew support from a softer US dollar, as markets positioned for October US CPI data, which are expected to show cooling headline and core inflation alongside stabilizing energy prices.
The offshore yuan held firm around 6.66 per dollar on Tuesday, finding support from robust external trade data as China’s year-to-date trade surplus crossed the $1 trillion threshold for the second time on record. China’s exports surged 35.2% year-on-year to $412.33 billion in October 2026, driven by sustained global demand for AI-related technology products. Imports also expanded sharply, jumping 41.6% to $307.05 billion, the fastest annual growth since May 2021.
Through the first ten months of the year, exports grew 22.7% and imports rose 29.0%, bringing the trade surplus to $1.043 trillion and putting the full-year figure on track to eclipse last year’s record of $1.2 trillion. The currency also drew support from a softer US dollar, as markets positioned for October US CPI data, which are expected to show cooling headline and core inflation alongside stabilizing energy prices.