On October 26 the onshore yuan briefly rose to 6.6682 per USD, its strongest since June 2022, after the PBOC set the reference rate at 6.7162, the firmest since February 2, 2023. That fixing, however, was 471 points weaker than the Reuters forecast of 6.6691, and Barclays analysts said the PBOC is trying to limit the currency's rapid gains. Goldman Sachs said the yuan is entering a gradual but sustained appreciation phase, but currency moves alone cannot solve China's economic challenges and must be combined with measures to support domestic demand, and it still forecasts 6.40 per USD over the next 12 months. Investors are also awaiting this week's Fed, BOJ and ECB policy meetings and China's Fifth Plenary Session of the 20th Central Committee.
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Original headline: Đồng tiền của nền kinh tế số 2 thế giới tăng cao nhất 4 năm, trước thềm loạt cuộc họp quan trọng
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