Yuan rally to provide FX stability in 2023 – China Press

Citing comments from Guan Tao, a former official at China’s State Administration of Foreign Exchange (SAFE), Yicai.com reported that the Yuan's new year rally has set the foundation for maintaining a stable exchange rate in 2023.

Additional quotes

But smoothing out Covid-19 disruptions and boosting market confidence are needed keep momentum going.

The recent strengthening of the yuan was due to the optimisation of pandemic controls, which had raised growth prospects and led to increased domestic and foreign appetite for yuan assets, with northbound capital flows increasing.

A record foreign trade surplus and strong domestic tourism data also added to the yuan's strength.