The offshore yuan hovered around 7.12 per dollar on Tuesday, trading in a tight range as investors digested fresh developments in Sino-US trade negotiations. President Trump said talks in Spain are “progressing well,” with a framework deal on TikTok’s divestment confirmed ahead of his planned discussion with Xi Jinping on Friday. However, China criticized a US proposal for steep tariffs on Chinese goods linked to Russian oil, calling it “unilateral bullying” but reaffirming its preference for dialogue. Meanwhile, Tencent Holdings is launching its first offshore yuan bond sale since 2021, with 5-, 10-, and 30-year notes aimed at boosting CNH liquidity and drawing more international investors, adding support for the yuan. Elsewhere, markets stayed cautious ahead of the much-anticipated Federal Reserve meeting, where a widely expected September US rate cut could lend further lift to the yuan.
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