FX.co ★ Offshore Yuan Steady on PBOC Assurances, Trade Optimism

The offshore yuan held steady at approximately 7.28 per dollar following a slight decline earlier in the session, as investors weighed encouraging comments from PBoC Governor Pan Gongsheng alongside possible improvements in US-China trade relations. At the G20 Finance Ministers and Central Bank Governors Meeting, Pan highlighted the robust beginning of the year for China’s economy and its continued recovery, noting that financial markets remain largely stable. He further reiterated the central bank’s dedication to preserving an “appropriately loose” monetary policy to foster high-quality development. Concurrently, US President Donald Trump indicated late Thursday that trade discussions with China are proceeding, contradicting Beijing’s earlier assertion that no negotiations are currently underway. A White House representative later clarified that lower-level, in-person interactions had taken place, as well as a phone conversation between US and Chinese officials earlier in the week.