FX.co ★ Offshore Yuan Stabilizes After Lujiazui Forum

On Thursday, the offshore yuan steadied around 7.19 against the US dollar. This came as investors processed significant announcements from the opening of the 2025 Lujiazui Forum in Shanghai. During the event, Pan Gongsheng, Governor of the People's Bank of China, introduced eight key initiatives designed to further open China's financial markets and solidify Shanghai’s position as a global financial hub. Notably, China plans to create an "international operations center" for the digital yuan, aiming to elevate the renminbi's global influence. In monetary policy developments, attention is on the PBoC's impending policy decision, with market analysts largely anticipating that loan prime rates will remain unchanged. Additionally, growing Middle East tensions are affecting market sentiment, amid reports of the US potentially preparing a strike on Iran by this weekend. In retaliation, Iran’s Supreme Leader has cautioned that any US intervention might result in substantial consequences.