China’s yuan reached 6.6950 per U.S. dollar on September 21, its strongest level in more than three and a half years. The People’s Bank of China also set its daily midpoint at its strongest level since February 2023. Analysts cautioned that the move may reflect managed stability around U.S.–China talks rather than a lasting revaluation, pointing to interest-rate differences and soft domestic fundamentals. A stronger fixing does not by itself establish a sustained currency trend.