19.08.202502:59:59UTC+00Offshore Yuan Treads Narrow Range

The offshore yuan remained steady near 7.19 per dollar on Tuesday, navigating within a narrow range as market attention turns to the upcoming Federal Reserve’s Jackson Hole symposium. This event is anticipated to offer insights into future policy directions and their potential repercussions on global currencies. Market participants have been closely monitoring the dollar, prompted by expectations of a Fed policy shift, with an 84% probability currently placed on a quarter-point rate cut in September, a decrease from last week's 98% following robust US wholesale and retail figures that subdued hopes for a more significant adjustment. In China, attention is on the impending loan prime rate decision, with forecasts suggesting it will remain unchanged. Concurrently, the People’s Bank of China has committed to refining its monetary policy framework, indicating adjustments to its moderately accommodative approach in light of persistent weaknesses in the property market. Meanwhile, investors are also observing high-level discussions among US President Donald Trump, Ukrainian President Volodymyr Zelenskiy, and European leaders, as the US encourages Ukraine towards accepting a swift peace agreement.