Offshore Yuan Edges Lower

2026-05-04 06:55 By Czyrill Jean Coloma 1 min. read

The offshore yuan edged lower to around 6.83 per dollar on Tuesday, as renewed tensions between the US and Iran kept markets on edge.

Both countries’ forces exchanged fire in the Persian Gulf, shaking a ceasefire that had largely held since coming into effect on April 8.

Adding to the tension, the UAE said it intercepted Iranian cruise missiles and blamed a drone strike for a fire at Fujairah port, while also issuing nationwide missile alerts for the first time since the ceasefire.

Meanwhile, President Trump said he anticipates meeting President Xi Jinping, signaling that plans for a high-stakes summit on May 14–15 remain on track despite fresh strains between the world’s two largest economies.

In a renewed strain in US–China relations, Washington’s push to intensify pressure on Tehran to end the conflict has led to sanctions on Chinese refiners processing Iranian oil.

In response, Beijing has ordered domestic companies not to comply with US sanctions targeting those private refiners.



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