PBoC sets yuan mid-point at 6.7910 / dollar vs last close 6.7730

On July 14, 2026, the People's Bank of China (PBoC) set the yuan’s mid-point at 6.7910 per dollar, slightly higher than the previous close of 6.7730. This adjustment reflects the central bank’s ongoing efforts to manage the pace of the yuan’s appreciation, a strategy observed since late 2025. The move aligns with broader trends of a weaker U.S. dollar and increased corporate demand for the yuan ahead of the Lunar New Year holiday, which typically boosts foreign exchange activity.

The onshore yuan (CNY) traded at 6.9558 per dollar at 0350 GMT, having reached a high of 6.9539 earlier in the session, marking its strongest level since May 2023. Meanwhile, the offshore yuan (CNH) was quoted at 6.9522 per dollar at the same time. The PBoC’s mid-point setting was 551 pips weaker than the Reuters estimate of 6.9292, largest deviation from market forecasts since 2022.

Analysts suggest that Chinese authorities are likely to introduce additional measures to manage upward pressure on the yuan, particularly as the currency has appreciated 0.5% year-to-date and 4.5% in 2025—the strongest annual gain since 2020. However, with forex conversions expected to decline this week, the yuan may face reduced support in the near term.