The offshore yuan steadied around 7.06 per dollar, hovering near its strongest levels in more than a year, supported by broad weakness in the greenback. The US dollar remained under pressure after the Federal Reserve delivered a 25bps rate cut, with Chair Jerome Powell also signaling that a rate hike has been ruled out. Meanwhile, the People’s Bank of China set the daily midpoint at 7.0686 per dollar, its firmest level since October 2024 but 161 pips weaker than Reuters’ estimate. The central bank has been gradually strengthening its official guidance since late April, signaling a cautious openness to further currency appreciation. As a result, the yuan has gained 3.4% year-to-date and is on track for its strongest annual performance since 2020. Market attention is now turning to the upcoming Central Economic Work Conference, where Chinese policymakers are expected to set growth targets for next year and outline key priorities shaping China’s 2026 economic agenda.

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