The US dollar to offshore Chinese yuan, or CNH rate fell to as low as 6.9951, the first time it breached the 7 per dollar level since May 2023.

China's yuan briefly rose to its strongest level in over a year after Beijing unveiled a slate of stimulus measures to shore up the slowing economy.

China’s yuan surged to its strongest level in over 16 months on Wednesday as investors reacted to a series of stimulus measures unveiled by Beijing to combat the country’s economic slowdown. The offshore yuan briefly strengthened to 7.

China's yuan hit a 16-month high against the U.S. dollar on Tuesday, after the central bank of the world's second-largest economy revealed new stimulus measures, while the greenback extended declines against other major currencies after soft data on the consumer.