The yuan strengthened beyond 6.70 against the U.S. dollar on September 18 as the People’s Bank of China raised its central parity rate to 6.7521, up 59 basis points and marking eight consecutive daily increases. The offshore yuan reached 6.6930, its strongest level in more than four years, while onshore yuan was quoted at 6.6975 around 12:22 p.m. The move came even as the Federal Reserve began its rate-hike cycle and the U.S. Dollar Index remained near seven-week highs, suggesting the yuan’s momentum was not driven solely by dollar weakness. Analysts said the PBOC appears to be supporting a stronger currency while retaining control over the pace of appreciation. The yuan’s advance has also drawn attention ahead of an expected September 24 meeting between Chinese President Xi Jinping and U.S. President Donald Trump. Market participants will watch whether official midpoint settings remain firm, whether the onshore yuan holds above 6.70 and whether the summit produces progress on trade and economic ties.