# Offshore Yuan Holds at Strongest Level Since 2023

> The offshore yuan held near 6.74 per dollar, its strongest since February 2023, as China's July manufacturing PMI fell to 49.2 and non-manufacturing PMI to 49.0. Q2 GDP also missed the 4.5%-5% target range.

- Date: 2026-07-31 · published 2026-07-31T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/18573-offshore-yuan-holds-at-strongest-level-since-2023
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Weak Chinese growth data points to softer feed demand from China, which is bearish for soybeans and meal, while the stronger yuan partly offsets this by lowering import costs.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼
- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2024-11-07 | [CNY/USD: China Sets Yuan Fix at Weakest Since 2023 - Bloomberg](https://feedsoft.ai/events/6857-cny-usd-china-sets-yuan-fix-at-weakest-since-2023-bloomberg.md) | +1.0% | -0.1% |
| SOY | 2022-04-28 | [Dollar index hits highest level since 2002](https://feedsoft.ai/events/42070-dollar-index-hits-highest-level-since-2002.md) | -3.3% | -2.6% |
| SOY | 2016-12-14 | [Dollar climbs to strongest since 2003 on Fed path; bonds drop - Moneyweb](https://feedsoft.ai/events/5972-dollar-climbs-to-strongest-since-2003-on-fed-path-bonds-drop-moneyweb.md) | -2.2% | +0.4% |
| SOY | 2026-03-06 | [China’s yuan set to end longest weekly rally since 2012 on Middle East turmoil \| Reuters](https://feedsoft.ai/events/11676-china-s-yuan-set-to-end-longest-weekly-rally-since-2012-on-middle-east-turmoil.md) | +4.2% | -0.0% |
| SOY | 2018-09-28 | [NEXEN \| Reuters Insider - Asia Insight: Yuan eases to 1-month low, set for longest monthly losing streak since 1994](https://feedsoft.ai/events/63266-nexen-reuters-insider-asia-insight-yuan-eases-to-1-month-low-set-for-longest.md) | +0.5% | -1.5% |
| SBM | 2022-05-09 | [Yuan ends at 19-month low, sluggish trade data reaffirms lockdown pain - The Business Times](https://feedsoft.ai/events/10988-yuan-ends-at-19-month-low-sluggish-trade-data-reaffirms-lockdown-pain-the.md) | -4.2% | -2.8% |
| SBM | 2023-09-28 | [Emerging currencies slump, on brink of erasing 2023 gains](https://feedsoft.ai/events/34323-emerging-currencies-slump-on-brink-of-erasing-2023-gains.md) | -5.1% | +9.5% |
| SBM | 2024-05-23 | [China Allows Yuan to Drop as Outflows, Dollar Test Central Bank’s Grip - Caixin Global](https://feedsoft.ai/events/30490-china-allows-yuan-to-drop-as-outflows-dollar-test-central-bank-s-grip-caixin.md) | -2.2% | -5.9% |

## Sources

- tradingeconomics.com: https://tradingeconomics.com/china/currency/news/571452

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.