Offshore Yuan Weakens to 7.14 per dollar amid U.S. strength

The offshore yuan weakened to around 7.14 per dollar, impacted by a stronger U.S. dollar amid resilient U.S. economic data and rising expectations for a second term for Donald Trump, who has proposed 60% or more tariffs on Chinese goods to bolster American manufacturing.

Offshore Yuan Weakens to 7.14 per dollar amid U.S. strength

In China, the central bank announced that it will initiate monthly "outright reverse repurchase operations" with primary dealers starting October 28, 2024, each with less than one year tenure. The bank recently injected CNY 700 billion into financial institutions via a one-year medium-term lending facility (MLF), holding the interest rate steady at 2%.

Investors eye China’s legislative meeting for expected fiscal stimulus

Market watchers are now focused on the upcoming November 4–8 meeting of China’s top legislative body, where additional fiscal stimulus measures are anticipated.