# China sets yuan at strongest rate in years as Greenland furore affects US dollar | South China Morning Post

> China's central bank set the yuan fixing below 7 per dollar for the first time since mid-2023, citing market concern over dollar assets. The move followed US President Trump's threats to impose tariffs on eight European countries over Greenland.

- Date: 2026-01-23 · published 2026-01-23T12:00:00.000Z
- Category: geopolitics · region China · magnitude low
- Page: https://feedsoft.ai/events/21281-china-sets-yuan-at-strongest-rate-in-years-as-greenland-furore-affects-us
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Geopolitical tension is weakening confidence in dollar assets, which supports a firmer yuan and lowers China's import costs for dollar-priced commodities. The effect on ag prices is indirect.

## Read by commodity

- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2020-05-29 | [China steps in to defend the yuan, as US tensions and Hong Kong uncertainty send currency tumbling \| South China Morning Post](https://feedsoft.ai/events/53376-china-steps-in-to-defend-the-yuan-as-us-tensions-and-hong-kong-uncertainty-send.md) | -0.5% | -1.0% |
| USDCNY | 2026-06-15 | [China's yuan hits three-year high as dollar eases after US-Iran peace deal \| MarketScreener](https://feedsoft.ai/events/8411-china-s-yuan-hits-three-year-high-as-dollar-eases-after-us-iran-peace-deal.md) | +0.2% | +0.1% |
| USDCNY | 2022-02-24 | [China’s yuan ‘trading like a safe haven currency’ as Ukraine crisis roils markets \| South China Morning Post](https://feedsoft.ai/events/42929-china-s-yuan-trading-like-a-safe-haven-currency-as-ukraine-crisis-roils-markets.md) | +0.1% | +0.9% |
| USDCNY | 2026-06-15 | [China’s Yuan Hit A Three-Year High As The Dollar Slipped - Finimize](https://feedsoft.ai/events/8414-china-s-yuan-hit-a-three-year-high-as-the-dollar-slipped-finimize.md) | +0.2% | +0.1% |
| USDCNY | 2020-07-15 | [China's yuan firms on weaker dollar but renewed Sino-U.S. worries cap gains \| Financial Post](https://feedsoft.ai/events/52325-china-s-yuan-firms-on-weaker-dollar-but-renewed-sino-u-s-worries-cap-gains.md) | -0.4% | -0.9% |

## Sources

- scmp.com: https://www.scmp.com/economy/china-economy/article/3340929/china-sets-yuan-strongest-rate-years-greenland-furore-affects-us-dollar

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