Offshore yuan strengthens to 6.6967 per dollar, highest intraday since July 2022

The offshore rate matters because it prices without the onshore band, so a multi-year high there signals external demand for yuan exposure rather than a purely managed move. The read-through touches anyone holding dollar-linked positions or China-facing RWA and trade exposure, since offshore pricing often leads sentiment on the onshore rate. Whether the offshore premium persists or converges back toward onshore is the open question, and the gap between the two is the cleanest gauge of how much of this is flow versus policy.