The offshore yuan traded around 6.78 per dollar, holding near its strongest level since February 2023 as investors closely watched a high-stakes summit between US President Donald Trump and Chinese President Xi Jinping aimed at stabilizing relations between the world’s two largest economies. Trump arrived in Beijing on Wednesday and is set to meet Xi at the Great Hall of the People for talks covering a range of contentious issues. Trump is expected to urge Beijing to help facilitate the reopening of the Strait of Hormuz through its ties with Tehran, though he has downplayed the Iran conflict as a central topic, emphasizing trade and market access instead. Moreover, Trump has signaled that he will urge China to roll back barriers facing American companies and further “open up” its economy. The summit, delayed for weeks amid tensions tied to the Iran conflict, is being closely watched by markets for signs of a diplomatic breakthrough that could shape US-China relations and global trade.

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