The offshore yuan steadied around 6.90 per dollar, following two sessions of losses as market sentiment improved after confirmation of a high-level meeting between Presidents Donald Trump and Xi Jinping. Trump is scheduled to visit China from May 14-15 for his first trip to the country in eight years, a closely watched journey that had been postponed due to the Iran crisis. He also said he would host Xi in a reciprocal visit to Washington later this year. The yuan’s relative stability also reflects its insulation from mixed signals over efforts to de-escalate tensions in the Middle East. Trump has sought support from major oil consumers, including China, to counter Tehran’s efforts to close the Strait of Hormuz. However, the outreach has largely gone unanswered as China appears to see little tangible benefit in intervening. Chinese and other non-hostile ships continue to navigate the strait safely, while China has bolstered strategic oil reserves and invested heavily in green energy.

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