Chinese Yuan Could Rise Further if Trump-Xi Summit Successful
Dow Jones
Sep 21
1336 GMT - The Chinese yuan could strengthen further if a summit between President Trump and his Chinese counterpart Xi Jinping on Thursday proves constructive, HSBC's Paul Mackel says in a note. An extension to the trade truce reached in Busan, South Korea, in 2025 would bode well for the yuan, he says. The People's Bank of China has also recently increased its daily fixings for the dollar versus the yuan, showing more tolerance for yuan appreciation. "This could be partly related to a busy political calendar as well with the Xi-Trump meetings this week and an expected EU summit in mid-October." The dollar trades steady at 6.6953 yuan after reaching 6.6947 earlier, its lowest level since January 2023, according to LSEG.
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