# China's yuan ends at six-month high as carry trades unwind

> The onshore yuan closed at 7.2169 per dollar on May 6, its strongest close since November 2024, as carry trades unwound and investors moved money out of U.S. assets back into Asia. State-owned banks were reported buying dollars and selling yuan to slow the gains.

- Date: 2025-05-06 · published 2025-05-06T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/9617-china-s-yuan-ends-at-six-month-high-as-carry-trades-unwind
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A stronger yuan lowers China's cost of dollar-priced imports such as soybeans, which can support Chinese buying. It also signals a weaker dollar, which tends to support dollar-denominated commodity prices.

## Read by commodity

- DXY: bearish ▼
- USDCNY: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2025-05-06 | 1 | -0.7% | -3.6 | Directly describes the May 6 onshore yuan close at a six-month high of 7.2169 as carry trades unwound and money left U.S. assets, which is the move itself (USD/CNY down). |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2026-02-01 | [China's yuan hits 32-month high as PBOC carefully lifts midpoint](https://feedsoft.ai/events/21276-china-s-yuan-hits-32-month-high-as-pboc-carefully-lifts-midpoint.md) | -0.2% | -1.0% |
| USDCNY | 2018-12-04 | [Chinese Yuan Spikes to 3-Month High As Trade Tensions Ease - Markets Insider](https://feedsoft.ai/events/6923-chinese-yuan-spikes-to-3-month-high-as-trade-tensions-ease-markets-insider.md) | +0.2% | -0.2% |
| USDCNY | 2023-12-29 | [China's Yuan Surges to Seven-Month High: 2024 Outlook](https://feedsoft.ai/events/11842-china-s-yuan-surges-to-seven-month-high-2024-outlook.md) | +0.5% | +1.0% |
| USDCNY | 2025-07-01 | [China yuan hits 8-month high as Trump's tax bill dents dollar — TradingView News](https://feedsoft.ai/events/23995-china-yuan-hits-8-month-high-as-trump-s-tax-bill-dents-dollar-tradingview-news.md) | +0.1% | +0.2% |
| USDCNY | 2019-11-06 | [China sets yuan midpoint at three-month high \| Financial Post](https://feedsoft.ai/events/56292-china-sets-yuan-midpoint-at-three-month-high-financial-post.md) | +0.2% | +0.5% |
| DXY | 2025-07-01 | [China yuan hits 8-month high as Trump's tax bill dents dollar — TradingView News](https://feedsoft.ai/events/23995-china-yuan-hits-8-month-high-as-trump-s-tax-bill-dents-dollar-tradingview-news.md) | +0.4% | +1.3% |
| DXY | 2021-04-22 | [China's yuan nears six-week high as U.S. yields ease \| Financial Post](https://feedsoft.ai/events/47810-china-s-yuan-nears-six-week-high-as-u-s-yields-ease-financial-post.md) | -0.3% | -1.2% |
| DXY | 2018-08-17 | [Euro nudges higher as U.S.-China trade talks calm market nerves](https://feedsoft.ai/events/63735-euro-nudges-higher-as-u-s-china-trade-talks-calm-market-nerves.md) | -0.5% | -0.5% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/chinas-yuan-ends-six-month-high-carry-trades-unwind-2025-05-06/

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