27.11.202503:21:55UTC+00Offshore Yuan Retreats on Weak Fixing

The offshore yuan weakened to approximately 7.07 per dollar, slipping back from the thirteen-month high achieved in the previous session. This movement followed the People's Bank of China's issuance of a weaker-than-expected yuan fixing, the first such occurrence in months. The central bank set the daily midpoint at 7.0779 per dollar, slightly below Reuters' projection of 7.0733. This represents the first unexpected downward adjustment in the fixing since July 1, a strategic maneuver interpreted by investors as a bid to moderate the currency's appreciation and stave off undue short-term gains. Simultaneously, market participants are anticipating the release of PMI data this weekend, seeking fresh perspectives on China's economic trajectory amid ongoing domestic and external challenges. Additionally, attention is focused on the forthcoming Politburo meeting and December's Central Economic Work Conference (CEWC), as these events may offer insights into the macroeconomic strategy and policy priorities for the coming year.