The offshore yuan slipped to around 7.04 per dollar on Wednesday, retreating from a fourteen-month high reached in the previous session, dragged down by a weaker-than-expected official fixing. The People’s Bank of China set the yuan’s midpoint rate at 7.0573 per dollar, its firmest level since October 2024 but 187 pips weaker than Reuters’ estimate. These weaker fixings have been persistent since late November, highlighting the central bank’s efforts to rein in overly rapid currency appreciation. However, the yuan’s decline was partly cushioned by a softer greenback, as recent labor market data kept investors wary about the timing of the Federal Reserve’s next interest rate cut. Market participants are now looking ahead to China’s one-year and five-year loan prime rate decisions due later this week. Attention is also on the Standing Committee of the 14th National People’s Congress, which is scheduled to convene its 19th session in Beijing from December 22 to 27.

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