China's offshore yuan gave up some of its earlier gains on Wednesday as wea...
LONDON - China’s offshore yuan gave up some of its earlier gains on Wednesday as weaker-than-expected economic data tempered the optimism generated by a U.S. decision to delay tariffs on Chinese imports.
The fall in the yuan and the rise in yen mirrored analysts’ views that the delay in tariffs, although encouraging, wasn’t even close to resolving the U.S.-China trade war. The offshore yuan had jumped to a one-week high against the dollar on Tuesday after U.S. President Donald Trump backed off his Sept. 1 deadline for imposing 10% tariffs on remaining Chinese imports, delaying duties on cellphones, laptops and other consumer goods. The announcement came after renewed trade discussions between U.S. and Chinese officials., still more than 7 to the dollar, the level it reached last week when the 10% tariffs were announced.
Elsewhere, major currencies were little changed. The dollar index, which is down around 1% since the start of August, was flat around 97.8. Investors were watching the Treasury yield curve, which is close to inverting for the first time since 2007.
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