FX.co ★ Offshore Yuan Steady, Lujiazui Forum in Focus

The offshore yuan held steady at approximately 7.18 per dollar on Wednesday, as market participants shifted their focus to the Lujiazui Forum in Shanghai. This forum is collaboratively organized by pivotal Chinese financial regulatory entities, namely the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission, with the support of the Shanghai Municipal Government. Stakeholders are eagerly anticipating significant financial policy announcements. Concurrently, it is anticipated that Hong Kong and Shanghai will formalize an agreement at the forum to bolster financial cooperation, as both cities aim to fortify their collaboration and enhance stability amidst escalating geopolitical tensions. Regarding monetary policy, investors' attention is fixed on the People's Bank of China's imminent policy decision, with prevailing market sentiment suggestive of steady loan prime rates. Additionally, persisting geopolitical unrest in the Middle East continues to temper market optimism, particularly as the United States evaluates potential military actions against Iran, amplifying global uncertainties.