Offshore yuan breaks 6.66 per dollar for first time since April 2024

The significance lies less in the 48-pip move than in the level it clears: an offshore break of a threshold untouched since April 2024, with the currency now sitting near April 2022 territory, suggests a broader repricing rather than a single-session wobble. Offshore pricing matters because it reflects external positioning free of onshore fixing constraints, so this move speaks to sentiment held outside the mainland. Whether the offshore rate holds below 6.66 or reverses back through it is the open question worth watching.