FX.co ★ Offshore Yuan Remains at Over 3-Year Peak

The offshore yuan was steady for a second straight session at 6.79 per dollar on Wednesday, hovering near its strongest level since February 2023, as markets positioned ahead of the highly anticipated summit between US President Donald Trump and Chinese President Xi Jinping. Over the two-day meeting, leaders of the world’s two largest economies are expected to address a broad agenda, including trade relations, tariffs, artificial intelligence, Taiwan, and the ongoing conflict in the Middle East. Trump, however, has signaled that he plans to prioritize trade, reducing the likelihood that the Iran conflict will feature prominently in the discussions. Both sides are expected to push for an extension of the current trade truce, with tariffs still a major source of friction in bilateral relations. China has long criticized US trade measures, while the Trump administration continues to investigate Beijing’s trade practices.