Yuan Climbs Past 7 Per Dollar Onshore for First Time Since 2023

The yuan strengthened beyond the key 7-per-dollar level in the more tightly controlled onshore market for the first time since 2023, signaling China’s comfort with further currency appreciation.

The currency rose as much as 0.2% to 6.9900 per dollar in local trading on Tuesday, amid a mild decline in the greenback and year-end foreign-exchange sales by Chinese corporates and exporters. The move came after the offshore yuan breached the closely watched 7 level last week.