Yuan Hits 32-Month High as PBOC Sets Strong Midpoint Amid Dollar Weakness
China's yuan soared to a 32-month high after the People's Bank of China set a strong midpoint rate, coinciding with a weakened U.S. dollar.
On January 28, 2026, the Chinese yuan surged to a 32-month high against the U.S. dollar following a decisive move by the People's Bank of China (PBOC). The central bank set the yuan's daily midpoint rate at 6.9755 per U.S. dollar, marking the strongest midpoint since May 17, 2023. This move, more than 100 pips stronger than the previous session, represented the largest single-day strengthening since August, although it remained 524 pips weaker than a Reuters estimate.
