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Chinese Yuan Reaches Four-Year High Against US Dollar on Export Strength

The People's Bank of China will increase the amount of foreign currency banks must hold in reserve from 4% to 6%, effective November 15. The technical tightening aims to reduce onshore dollar liquidity and signal Beijing's discomfort with the yuan's recent surge to a four-year high.

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The People's Bank of China is raising the foreign exchange deposit reserve ratio to 6% to manage onshore dollar liquidity.From: China Hikes Foreign Exchange Deposit Reserve Ratio to 6% to Curb Yuan Gains

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The Chinese yuan reached an over four-year high against the US dollar in October before the central bank intervened.From: China Hikes Foreign Exchange Deposit Reserve Ratio to 6% to Curb Yuan Gains ·
How the reserve ratio hike removes dollar liquidity from the onshore banking system.From: China Hikes Foreign Exchange Deposit Reserve Ratio to 6% to Curb Yuan Gains ·
The PBOC has historically used the reserve ratio as a bidirectional tool to manage currency volatility.From: China Hikes Foreign Exchange Deposit Reserve Ratio to 6% to Curb Yuan Gains ·
The yuan has steadily appreciated against the dollar, reaching a four-year high in October 2026.From: Chinese Yuan Reaches Four-Year High Against US Dollar on Export Strength ·
A surge in high-tech exports has provided the primary catalyst for the currency's appreciation.From: Chinese Yuan Reaches Four-Year High Against US Dollar on Export Strength ·
Robust external demand has offset sluggish domestic consumption, allowing the central bank to hold rates steady.From: Chinese Yuan Reaches Four-Year High Against US Dollar on Export Strength ·

Timeline

November 2026

  1. China Hikes Foreign Exchange Deposit Reserve Ratio to 6% to Curb Yuan Gains

October 2026

  1. Chinese Yuan Reaches Four-Year High Against US Dollar on Export Strength