FX.co ★ Offshore Yuan Rebounds on US-China Trade Talk Hopes

The offshore yuan increased to approximately 7.26 per dollar on Friday, bouncing back from the previous day's performance, as investor sentiment brightened amid indications of progress in US-China trade discussions. A statement from China’s Ministry of Commerce noted several recent attempts by senior US officials to engage through appropriate channels, with the aim of initiating talks on tariff matters. In response, Chinese officials reiterated their demand for the US to "rectify its wrongdoings" by removing all unilateral tariffs. Additionally, China is assessing recent US diplomatic initiatives geared towards renewing negotiations, fostering optimism that the world’s two largest economies might commence discussions to resolve a prolonged trade conflict. Earlier this year, US President Donald Trump imposed significant tariffs of up to 145% on Chinese products, which prompted Beijing to implement retaliatory duties of 125%, unsettling financial markets and impacting global economic growth.