The US dollar to offshore Chinese yuan, or CNH rate fell to as low as 6.9951, the first time it breached the 7 per dollar level since May 2023.

China’s yuan briefly rose to its strongest level in over a year after Beijing unveiled a slate of stimulus measures to shore up the slowing economy.

Dollar-yuan moved below ¥7 and the Hang Seng reached above 20,000 on 26 September after a very strong improvement in sentiment.

China's yuan briefly rose to its strongest level in over a year after Beijing unveiled a slate of stimulus measures to shore up the slowing economy.

China’s yuan surged to its strongest level in over 16 months on Wednesday as investors reacted to a series of stimulus measures unveiled by Beijing to combat the country’s economic slowdown. The offshore yuan briefly strengthened to 7.