The offshore yuan held steady around 7.12 per dollar on Wednesday, as markets remained cautious amid developments in US-China trade negotiations. President Donald Trump expressed optimism about securing a favorable deal with Beijing, though he acknowledged that a planned meeting with Chinese President Xi Jinping may not occur. Similarly, US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are scheduled to meet in Malaysia this weekend in a bid to ease bilateral tensions. Their talks are expected to focus on several contentious issues, including China’s restrictions on rare earth exports and Trump’s threat to impose substantially higher tariffs. Meanwhile, the Chinese Communist Party’s Fourth Plenum, which runs through Thursday, is set to chart the country’s next five-year economic development plan. The meeting will also address key internal matters, notably the formal expulsion of Party members who were ousted last Friday on corruption charges.
