The offshore yuan hovered around 6.70 per dollar on Wednesday as stronger September activity data and fresh policy support improved confidence in China’s economic outlook. Official data showed the Composite PMI (business activity gauge) rose to 50.7 in September 2026, the highest level since December 2025, with manufacturing at 50.1 versus 49.8 and non-manufacturing at 50.2 versus 49. A private survey put its Composite PMI at 52.1, while manufacturing rose to 52.1 from 51.5 and services increased to 51.6 from 51.4. The readings came as policymakers introduced mortgage subsidies and expanded central bank funding support, while the State Council pledged "a package of practical and effective additional policies." Resilient exports and an artificial-intelligence-driven increase in industrial profits provided support, but sluggish consumer spending, a prolonged property downturn and weak business confidence remain challenges.