The US dollar to offshore Chinese yuan, or CNH rate fell to as low as 6.9951, the first time it breached the 7 per dollar level since May 2023.

The yuan reached its highest level in over a year on Wednesday following interest rate cuts and new measures from China’s central bank.

China's yuan hit a 16-month high against the U.S. dollar on Tuesday, after the central bank of the world's second-largest economy revealed new stimulus measures, while the greenback extended declines against other major currencies after soft data on the consumer.

China's yuan briefly rose to its strongest level in over a year after Beijing unveiled a slate of stimulus measures to shore up the slowing economy.