The offshore yuan weakened to around 7.10 per dollar on Thursday, retreating from a near one-year high reached in the earlier session as investors were left underwhelmed by the Trump-Xi meeting. In their first encounter since Trump’s return to office, the two leaders agreed to extend their temporary trade truce for another year, with the US pausing the "50% rule" on export controls and China suspending rare earth export restrictions. Other key highlights of the meeting included the joint commitment of the US and China to address issues such as fentanyl control and the expansion of agricultural trade, along with the constructive resolution of matters related to TikTok. However, while China’s readout adopted an optimistic tone, it offered limited specifics, indicating that both sides must further refine and finalize the agreements. Domestically, investors await upcoming PMI data, with official figures due this week and private surveys to follow.