China’s offshore yuan fell to around 7.21 per USD after the PBoC announced 10 bps cuts to key lending rates and a 50 bps reduction to the reserve requirement ratio, injecting CNY 1 trln in liquidity. Meanwhile, Vice Premier He Lifeng is set to meet US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer this week in Switzerland, aiming to ease tariff tensions amid up to 145% tariffs imposed by President Trump and 125% retaliatory tariffs from Beijing.