Yuan Hits Fresh Multi-Year High Ahead of Trump–Xi Summit

China’s yuan strengthened to its highest level against the U.S. dollar in more than three and a half years, reaching 6.6957. The move came after the People’s Bank of China appeared to reduce its efforts to limit yuan appreciation. The stronger currency comes ahead of Thursday’s meeting between U.S. President Donald Trump and Chinese President Xi Jinping. U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng had already completed talks in New York, with AI, trade relations, supply chains and Middle East tensions expected to feature in the leaders’ meeting. Reuters notes that the yuan’s recent appreciation may partly reflect policy management around the summit rather than a fundamental revaluation.