# [Interview] Cheng Shi: The yuan and the dollar are both unusually strong; a shift in pricing logic lies behind their parallel but different paths

> An interview with economist Cheng Shi describes the yuan and US dollar strengthening simultaneously in 2026, driven by different factors: US real interest rates supported the dollar, while improved foreign-exchange supply and increased corporate currency conversion supported the yuan. China’s bank-client foreign-exchange settlement surplus reached a record $397.6 billion for January–August, while the merchandise trade surplus grew 3.1% year over year and settlements grew 31.9%.

- Date: 2026-11-07 · published 2026-11-07T12:08:36.954Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/85888-interview-cheng-shi-the-yuan-and-the-dollar-are-both-unusually-strong-a-shift
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A stronger yuan may affect the competitiveness of Chinese exports and the cost of imports, but the interview does not identify a specific feed-commodity supply or demand change.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2017-09-21 | [China's yuan inches up as post-Fed US dollar rally fades - The Business Times](https://feedsoft.ai/events/69189-china-s-yuan-inches-up-as-post-fed-us-dollar-rally-fades-the-business-times.md) | +1.1% | +0.6% |
| USDCNY | 2024-01-04 | [China’s yuan eases against the dollar on widening yield differential - The Pound Hub](https://feedsoft.ai/events/11843-china-s-yuan-eases-against-the-dollar-on-widening-yield-differential-the-pound.md) | +0.3% | +0.4% |
| USDCNY | 2017-01-05 | [China's Offshore Yuan is Bossing the US Dollar Around Today](https://feedsoft.ai/events/10253-china-s-offshore-yuan-is-bossing-the-us-dollar-around-today.md) | +0.1% | -1.0% |
| USDCNY | 2021-11-02 | [Macroscope \| Why the wind behind the Chinese yuan’s strength is likely to die down in 2022 \| South China Morning Post](https://feedsoft.ai/events/44273-macroscope-why-the-wind-behind-the-chinese-yuan-s-strength-is-likely-to-die.md) | -0.1% | -0.5% |
| USDCNY | 2022-05-31 | [In Depth: Behind the Yuan’s Tumble Against the Dollar - Caixin Global](https://feedsoft.ai/events/41602-in-depth-behind-the-yuan-s-tumble-against-the-dollar-caixin-global.md) | -0.7% | +0.1% |

## Sources

- zuowenti.com: https://www.zuowenti.com/news/666704.html

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