China's yuan strengthens past ¥7 per dollar as 2025 gains exceed 3.8% amid property sector strain

On Thursday, China's yuan moved through the ¥7-per-dollar mark for the first time since September 2024, with offshore trading at 6.9964 and the onshore rate closing at 7.0067. The currency has risen more than 3.8% this year alongside a stronger central bank fixing, while developer China Vanke faces renewed pressure as holders of a 3.7 billion yuan bond vote on repayment delay options. Analysts say the yuan remains weak relative to fundamentals, and Vanke continues to manage about $50 billion in interest-bearing debt as it negotiates with creditors.