Yuan Strengthens Past 6.70, Seen Holding Firm With Two-Way Swings

The yuan's move through a closely watched level reflects real-flow support — export conversion and settlement demand — rather than sentiment alone, which makes it a more durable signal than a headline-driven rally. The near-term firmness sits alongside an explicit expectation of two-way swings, so the level itself matters less than whether settlement demand persists once the initial break fades. The open question is whether the underlying trade and capital-flow drivers keep validating the move, or whether it proves a level the currency cannot hold.