The offshore yuan strengthened to around 7.11 per dollar on Monday, hitting its highest level in four weeks, as optimism over progress in US-China trade negotiations boosted sentiment. After two days of talks in Malaysia, officials from both sides reached an initial consensus on issues such as export controls, fentanyl trafficking, agricultural trade, and shipping tariffs. The constructive tone lifted hopes that Presidents Donald Trump and Xi Jinping could finalize a deal when they meet in South Korea later this week. Adding to the upside, China’s industrial profits surged 21.6% year-on-year in September, the fastest since November 2023, while January–September profits rose 3.2%, marking the year’s first cumulative gain and signaling a gradual corporate recovery. Elsewhere, global markets closely watched the upcoming Federal Reserve interest rate decision, with traders nearly fully pricing in a 25-basis-point rate cut this week after softer-than-expected US CPI data on Friday.

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