China’s Yuan Climbs to Three-Year High on Iran Ceasefire Boost

China’s yuan hit a three-year high as the pause in Middle East hostilities eased geopolitical tensions.

The onshore yuan rose as much as 0.5% to 6.8287 per dollar, the strongest level since March 2023, as the two-week ceasefire between the US and Iran boosted risk sentiment and weighed on the dollar. The offshore yuan hit 6.8268 per dollar, nearing a three-year high of 6.8267 touched in February.