Offshore Yuan Steady for Second Session
The offshore yuan remained steady for the second consecutive session, valued at approximately 7.12 per dollar on Wednesday. This stability comes as markets absorbed the latest developments in US-China trade relations, coinciding with the commencement of China's extended 'Golden Week' holiday. On Tuesday, US Trade Representative Jamieson Greer remarked that the existing tariffs on about 55% of Chinese imports present a "favorable status quo." Nevertheless, he indicated that the Trump administration is open to exploring opportunities for expanding bilateral trade more freely. His comments imply that there will be no immediate reduction in President Trump’s tariffs on Chinese goods prior to the November 10 deadline, which marks the expiration of a temporary trade truce between the two nations. Meanwhile, China's "Golden Week" holiday, which officially began on October 1 and continues through October 8, is anticipated to significantly boost both domestic and international travel, as it aligns with the Mid-Autumn Festival and National Day celebrations.
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