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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.

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The Shanghai Composite climbed 0.6% to above 3,880 while the Shenzhen Component gained 1.2% to 12,980 on Tuesday, with mainland stocks rising for the second straight session as easing Sino-US trade tensions continued to support market sentiment. US President Donald Trump said he expects to reach a fair trade deal with China’s President Xi Jinping during their meeting in South Korea later this month, while trade representatives from both nations are set to meet in Malaysia this week to help defuse tensions. In corporate news, EV battery giant Contemporary Amperex climbed about 3% after reporting Q3 net profit growth of 41.2% year-on-year, up from 33.7% in Q2 despite intensifying competition. Meanwhile, Foxconn Industrial jumped 4% after Apple announced strong iPhone 17 sales in both the US and China. Foxconn is a major manufacturing partner for Apple.

铁矿石前景：在中国数据疲软的情况下测试关键水平。9月份，中国粗钢产量大幅下降，而城市地区的固定资产投资自疫情以来首次下降，为铁矿石需求提供了令人不安的基本面。由于价格目前处于关键技术水平，短期内的走势可能会对价格的长期轨迹产生影响。

Iron Ore Outlook: Key Level Tested Amid Weak China Data.Chinese crude steel output cratered in September while fixed asset investment in urban areas declined for the first time since the pandemic, providing a troubling fundamental picture for iron ore demand. With the price now resting on a key technical level, movements in the short term could prove influential on the longer-term trajectory for prices.

特朗普以155%的关税威胁中国。塔可人变成了随机数人。。我对特朗普的最新威胁摇头。美国时间周一公布了最新消息：“许多国家利用了美国，他们再也无法利用了。

Trump threatened China with 155% tariffs. Taco man becoming random number guy..I'm shaking my head at the latest bluster from Trump. Monday US time brought this latest: "A lot of countries took advantage of the US and they are not able to take advantage anymore.