Sterling's resilience and China’s tactical game Artwork

The Currency Exchange - An FX Podcast by NatWest

Keep up to date with the latest in FX markets with The Currency Exchange podcast. Each week, the NatWest Markets team of FX strategists – Eimear Daly, Brian Daingerfield, and Paul Robson – help investment professionals and corporate treasurers get to grips with the biggest themes & events moving global currency markets. Check back here regularly for new episodes and subscribe to The Currency Exchange wherever you get your podcasts so you can listen to our latest episodes as soon as they’re available.

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The Currency Exchange - An FX Podcast by NatWest

Sterling's resilience and China’s tactical game

May 08, 2026 • NatWest Corporates and Institutions

0:00 | 15:05

This week Eimear Daly and Paul Robson explore the reasons behind sterling’s strength against uncertainty both politically in the UK and geopolitically in the Middle East. They also discuss Chinese-US relations ahead of the Trump-Xi summit, and the value of the yuan ahead of Donald Trump’s visit there.

Key takeaways:

- UK political risk may matter more to sterling later in 2026 than immediately.

- The Trump–Xi summit could become a major catalyst for USD direction, and Asian currencies.

- Markets are increasingly focused on capital flows, reserve diversification and long-term exposure to US assets.

You can also find this episode of Currency Exchange on Spotify and Apple Podcasts.

This episode was recorded on 7 May 2026.

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