The offshore yuan edged down below 6.96 per dollar on Tuesday, easing from a thirty-two-month-high after the People’s Bank of China continued to set a weaker daily midpoint. The central bank fixed the yuan at 6.9858 before the market opened, slightly above the prior session and below market expectations. This continued trend of weaker fixings since November underscores Beijing’s cautious stance against rapid yuan appreciation. Still, the softer fix does not signal a policy shift, but rather reflects an effort to manage the pace of appreciation and preserve orderly market conditions. Meanwhile, China’s industrial profits posted its first monthly gain since September and its first annual rise since 2021 as Beijing’s measures to curb excess competition supported factory earnings. Markets now await upcoming PMI figures, with both official and private surveys due this week. Elsewhere, the US dollar remained under pressure amid growing concerns over the Federal Reserve’s independence.

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