The offshore yuan appreciated to around 7.05 per dollar, hitting its highest level since late September last year despite a raft of disappointing economic data. November figures showed momentum cooling, with retail sales growth slowing sharply and falling well short of forecasts, underscoring persistent weakness in consumption. Industrial output also eased slightly from the previous month and missed expectations, while fixed-asset investment contracted more than anticipated, marking its deepest downturn since the pandemic period. The prolonged property slump remained a major drag, with real estate investment falling at a faster pace and home price declines intensifying across major cities. However, economists said the deterioration in investment and housing conditions reinforced expectations for additional fiscal and monetary support early next year. Elsewhere, the yuan found support from a weaker US dollar, after the Fed cut rates and signaled a less hawkish path than anticipated.

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