China's Yuan Surges Amid U.S.-China Summit Optimism

China's yuan surged to its highest in three years against the dollar on Thursday as President Xi Jinping and President Donald Trump met in Beijing to discuss U.S.-China ties. Xi praised a 'new positioning' in relations, signaling potential changes in future economic exchanges.

While the central bank set a weaker-than-expected midpoint rate, the yuan's upward trend continued with a 3% rise against the dollar this year. The summit prioritizes projecting stability and predictability, even as the Shanghai Composite index dipped slightly.

As trade tensions ease, focus shifts to technological collaboration, particularly in the AI sector. U.S. companies received clearance to sell advanced AI chips to China, suggesting a move toward cooperating within certain non-sensitive sectors.