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The offshore yuan inched up around 7.12 per dollar on Tuesday, nearing a four-week high, supported by continued firm central bank guidance and signs of easing US-China trade tensions. The People’s Bank of China set the daily midpoint at 7.093 per dollar, stronger than Monday’s 7.0973 fix and well below the market estimate of 7.1219, signaling continued efforts to anchor the currency ahead of key political events. Optimism also grew after US Treasury Secretary Bessent said he would meet Chinese Vice Premier Lifeng this week to help prevent a further escalation of tariffs, while President Donald Trump expressed hopes for a “fair trade deal” with President Xi Jinping in their upcoming meeting in South Korea. Domestically, attention turns to the Communist Party’s Fourth Plenum, which runs through Thursday, expected to outline economic and policy priorities for the coming years. Broader policy adjustments, however, are likely to follow after December’s Central Economic Work Conference.