The offshore yuan fell to around 7.19 per dollar on Wednesday, as investors responded cautiously to the latest updates on the US-China trade truce. President Donald Trump remarked that Washington and Beijing are ‘very close’ to extending the current truce, set to expire on August 12 — a deal that has so far helped prevent further tariff hikes and eased restrictions on key export sectors. At the same time, he noted that he would be willing to meet with Chinese President Xi Jinping by year-end if a formal agreement is reached between the two economic powers. This development follows the third round of negotiations between senior officials of the two countries in Stockholm last week, with both sides reportedly agreeing to a 90-day extension of the truce. Meanwhile, in China, investors are turning their attention to trade data due for release tomorrow, hoping to gauge the impact of the ongoing trade truce on the country’s economic health.
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