14.05.202600:47:19UTC+00Offshore Yuan Holds Firm on Trump-Xi Summit

The offshore yuan traded around 6.78 per dollar, hovering near its strongest level since February 2023, as investors focused on a high-stakes summit between US President Donald Trump and Chinese President Xi Jinping aimed at stabilizing relations between the world’s two largest economies. Trump arrived in Beijing on Wednesday and is scheduled to meet Xi at the Great Hall of the People for talks spanning a range of contentious issues. He is expected to press Beijing to leverage its ties with Tehran to help facilitate the reopening of the Strait of Hormuz, although he has downplayed the Iran conflict as a central theme, placing greater emphasis on trade and market access. Trump has also signaled that he will push China to ease barriers facing American companies and further “open up” its economy. The summit, postponed for weeks amid tensions linked to the Iran conflict, is being closely watched by global markets for any sign of a diplomatic breakthrough that could redefine US-China relations and the trajectory of international trade.