The offshore yuan strengthened to around 6.69 per dollar on Friday, its strongest level since July 2022, after edging higher the previous day as China expanded infrastructure supporting the currency’s international use. The People’s Bank of China set the daily midpoint at 6.7521 per dollar, compared with 6.7580 on Thursday, marking an upward bias for an eighth consecutive session, the longest such run since 2023. Shanghai Clearing House began central clearing for yuan spot transactions against the Singapore dollar, New Zealand dollar and Thai baht on Sept. 14, with 12 banks handling about 996 million yuan ($148.5 million) on the first day. The additions brought the number of currencies eligible for yuan spot central clearing to nine. Central counterparty clearing nets trades and manages counterparty exposure, reducing the credit lines and capital banks need for bilateral settlement. Bank of East Asia investment strategy analyst Bosco Wu said the arrangement could encourage more active price quotations and improve liquidity, while narrower spreads could make yuan settlement more attractive. Shanghai Clearing House will waive clearing fees for the new currency pairs from Sept. 14, 2026, through the end of 2028. The firmer fixing suggested the central bank may be increasingly comfortable with a stronger yuan ahead of the Sept. 24 meeting between Presidents Donald Trump and Xi Jinping in the US, while a stronger currency could ease Western concerns that an undervalued yuan gives Chinese exporters a competitive advantage. US Treasury Secretary Scott Bessent is scheduled to meet Chinese Vice Premier He Lifeng ahead of the summit.