FX.co ★ Yuan Holds Near 1-Year High on Trump-Xi Meeting

On Thursday, the offshore yuan hovered around 7.09 per dollar, maintaining its position near a one-year peak as positive market sentiment persisted following the meeting between U.S. President Donald Trump and Chinese President Xi Jinping. This meeting, which took place on the sidelines of the APEC Summit in South Korea, was their first since Trump's return to office in January, and featured a symbolic exchange of handshakes. Both leaders are anticipated to iron out the specifics of a framework agreement originally negotiated over the weekend in Malaysia. This agreement proposes to roll back certain tariffs, fees, and export restrictions, boosting optimism for a reduction in the trade tensions that have strained relations between Washington and Beijing and unsettled global markets. Meanwhile, in China, investors are closely monitoring upcoming PMI releases, with official figures expected later this week and private surveys slated for the following week.