Chinese Yuan Hits 2-Week High as Dollar Eases Firmer PBoC Fix, But Misses Estimates

China's yuan rose to a two-week high of 6.7758 against the US dollar in the early Tokyo session on Friday, helped by a stronger PBoC reference rate and a softer greenback. "The CNY has been one of the top performers so far in 2026. With upside risks increasingly reflected in current valuations, we are narrowing and modestly lowering our forecast range to 6.67-6.92 for the remainder of the year, ING strategists reported on Thursday. Prior to the market opening, the People's Bank of China set the yuan's central parity rate at 6.7989 per US dollar on Friday. Comparatively, today's fixing came 47 pips firmer than Thursday's fixing of 6.8036 but 58 pips weaker than the Reuters estimate of 6.7931. At the time of writing, onshore yuan grew 0.19% to 6.7792 against the dollar, and its offshore counterpart climbed 0.18% to 6.78299 in the late Asian session. The spot yuan is allowed to trade at a maximum of 2% on either side of the fixed midpoint each day. The PBoC fixes matter for the US dollar because China manages the yuan against many currencies, but the dollar sits in the middle of most currency pricing. So any change in yuan management can also affect G20/USD pairs globally. The.