Yuan index against trading partners reaches highest level since April 2022

The yuan’s index against a basket of trading partners’ currencies rose to 103.9, its highest level in more than four years, Bloomberg reported. The gain followed statements by the People's Bank of China defending the country’s currency policy.

The reading is from the Bloomberg replica of the CFETS RMB Index, which tracks the yuan against China’s trading partners’ currencies. Bloomberg said the index reached 103.9 on Oct. 9 and had gained more than 5% since the start of 2026.

The report also described gains against individual currencies: the yuan was near a multiyear high against the dollar and a more-than-one-year high against the euro. Those are separate currency pairs and do not mean the yuan reached the same level against each of them.

The article separately cited forecasts that the yuan could strengthen against the ruble in the first half of October and potentially move above 12.8 rubles. In early September, the rate on Moscow Exchange had already reached 13 rubles for the first time since Feb. 11, 2025.