The offshore yuan held around 6.93 per dollar on Friday, heading for its strongest weekly gain since May 2023, supported by seasonal demand and upbeat sentiment following the Trump-Xi call. Ahead of the Lunar New Year holiday, companies typically increase dollar-to-yuan conversions to meet payroll and bonus obligations. Market sentiment was further boosted after US President Donald Trump described an “excellent” phone call with Chinese President Xi Jinping, with expectations of a possible visit to China in April and emphasis on his personal rapport with Xi. However, yuan gains may slow amid near-term US dollar strength and thinner trading as the holiday approaches. Additional restraint came from the PBOC, which set the daily midpoint at 6.9590 per dollar, weaker than a Reuters estimate and easing from a 32-month high set earlier this week. Markets now await next week’s inflation data for China’s economic health and the outlook for monetary policy.

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