30.04.202602:39:18UTC+00Offshore Yuan Halts Decline

The offshore yuan inched up to around 6.84 per dollar on Thursday, pausing its recent slide after stronger-than-expected PMI data pointed to resilience in China’s economy despite mounting external pressures. Official data showed the manufacturing PMI easing slightly to 50.3 in April from 50.4 in March, but still beating market forecasts of 50.1 and remaining in expansionary territory for a second consecutive month.

A separate private-sector survey also painted a stronger picture, with the manufacturing PMI rising to 52.2 from 50.8, above expectations of 51 and reaching its highest level since December 2020. China’s management of its strategic petroleum reserves, along with sustained investment in renewable energy, has helped buffer the economy against external shocks stemming from tensions in the Middle East.

In the diplomatic arena, US President Trump is expected to visit China between May 14 and 15. According to reports, Chinese President Xi Jinping plans to place Taiwan high on the agenda, in a notable shift from their previous meeting in South Korea, where the issue was largely set aside.