The offshore yuan strengthened past 7.14 per dollar on Thursday, extending gains from the previous session and hitting its strongest level since November 2024 amid growing optimism over US-China trade negotiations. Earlier this week, US Treasury Secretary Scott Bessent confirmed that American and Chinese officials are set to meet in Stockholm next week for a third round of high-level discussions, which could result in an extension of the current pause in trade tensions, set to expire on August 12. Market sentiment was further lifted by a series of regional trade deals that have offered relief to several Asian economies—most notably Japan, Indonesia, and the Philippines—while others remain on the sidelines. Meanwhile, President Donald Trump hinted at a possible visit to China, signaling a step toward stabilizing bilateral trade relations. Investors are now closely watching this weekend’s industrial profits report for clues on how Chinese firms are coping with lingering tariff pressures.
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