The offshore yuan strengthened past 7.14 per dollar on Thursday, marking its fifth consecutive session of gains, buoyed by a weakening greenback. The US dollar came under sustained pressure as markets ramped up expectations of interest rate cuts by the Federal Reserve, with the odds of a 25 bps cut in September rising to around 89%, from 82% just a week ago. This followed a controversial move by President Trump to remove Fed Governor Lisa Cook, alongside comments from New York Fed President John Williams indicating that policymakers are actively considering a rate cut. In China, investors are now closely watching PMI data due over the weekend for clearer signals on the country's economic outlook, especially amid lingering uncertainty over US-China trade relations. In a recent development, Trump warned that China must supply the US with rare-earth magnets or face tariffs of up to 200%, while Beijing has become increasingly sensitive about its dominance in the sector.