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China · Economy / currencies

Yuan reaches strongest level against U.S. dollar in 3½ years

China's onshore yuan strengthened to as much as 6.6957 per U.S. dollar on September 21, its firmest level since January 2023, while the offshore yuan reached about 6.6946. The People's Bank of China set the day's midpoint at 6.7487, its strongest since February 2023.

Why it matters

A stronger exchange rate can affect exporters' conversion decisions, import costs and the atmosphere around U.S.-China trade talks, but one market high and a firmer midpoint do not establish a sustained appreciation cycle.

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Editorial illustration of Chinese yuan and U.S. dollar banknotes beside an exchange-rate chart
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More important stories

Editorial illustration of humanoid robots beside a cooling stock chart and regulatory review panel

China · Technology / capital markets

Reuters: China slows humanoid-robot IPO rush as valuations and state-backed orders face scrutiny

Reuters reported on September 21, citing industry sources, that Chinese regulators are using informal window guidance to slow some humanoid-robot IPOs while examining valuations, state-funded orders and revenue sustainability. Regulators have not published a formal sector-wide directive.

Tighter review could alter fundraising timelines and require startups to demonstrate commercial demand, a credible path to profit and meaningful technical differentiation. It does not mean Beijing has ended support for embodied intelligence.

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Semiconductor wafers and memory chips inside a fabrication facility

China · Technology

CXMT says fifth-generation DRAM platform has entered mass production

Chinese memory-chip maker CXMT said on September 20 that its fifth-generation DRAM platform had entered mass production and unveiled two 24Gb LPDDR5X mobile-memory products. The company says the platform produces at least 50% more gross chip dies per wafer.

If production scale, yield and customer adoption match the company's expectations, the platform could strengthen China's position in the global DRAM supply chain and affect smartphone supply, chip pricing and US–China semiconductor competition. Performance and cost figures currently rely mainly on company disclosures.

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China · Economy and U.S.-China trade
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China · Economy and U.S.-China trade

Reuters: U.S. and China discuss LNG tariff cuts; no final deal

Reuters reported on September 18, citing two people briefed on the talks, that the United States and China are discussing reducing or eliminating China's 15% tariff on U.S. liquefied natural gas. Neither government has formally confirmed an LNG arrangement.

If completed, the measure could revive U.S.-China LNG trade after it collapsed following the 2025 tariff, affecting U.S. export projects, Chinese energy procurement and global gas prices. The talks are unfinished, and the rate, product coverage and announcement timing could change.

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China · Economy and platform regulation
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China · Economy and platform regulation

China investigates Meituan and Alibaba units, Tongcheng and Tujia

Beijing's market regulator opened investigations on September 19 into four online hotel and travel-booking platforms linked to Meituan, Alibaba, Tongcheng and Tujia over suspected violations of unfair-competition rules.

The probes involve major Chinese travel and consumer-service platforms and could affect hotel commissions, search placement, pricing and contracts. An investigation is not a finding of wrongdoing; conclusions and remedies have not been announced.

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