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The yuan held near 8.28 per dollar for years under a hard peg before China adopted a managed float in 2005. The currency strengthened steadily through 2014, reaching historic highs near 6.04, before a surprise devaluation in 2015 triggered global volatility. Since 2022, the yuan has lost approximately 13% of its value against the dollar, raising accusations that Beijing is allowing depreciation to cushion the blow of U.S. tariffs. Yellow markers indicate key policy events.
PBOC de-pegs yuan from USD, adopts managed float against a basket of currencies.
Yuan reaches strongest level since 1993 revaluation; U.S. pressure intensifies.
China devalues yuan ~2% in a single day, triggering global market volatility.
Trump Treasury formally designates China a currency manipulator for first time since 1994.
U.S. removes currency manipulator label as phase-one trade deal is signed.
Broad 145% tariff rates imposed on Chinese goods; yuan weakens to ~7.25.
Ahead of EU trade talks, PBOC publicly defends yuan valuation — Oct 8, 2026.