FX.co ★ Offshore Yuan Steady

The offshore yuan remained relatively stable around 7.12 to the dollar on Wednesday, as market participants maintained a cautious stance amidst ongoing US-China trade discussions. President Donald Trump expressed hope for a favorable agreement with Beijing, although he noted that an anticipated meeting with Chinese President Xi Jinping might not materialize. Meanwhile, US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are slated to meet in Malaysia this weekend in an effort to alleviate bilateral tensions. Their discussions are expected to cover several contentious topics, including China's restrictions on rare earth exports and Trump's warning of significantly higher tariffs. Concurrently, the Chinese Communist Party's Fourth Plenum, which concludes on Thursday, is poised to outline the country's upcoming five-year economic development plan. The session will also tackle key internal issues, particularly the formal expulsion of Party members who were removed last Friday due to corruption charges.