The Chinese yuan strengthened to its highest level in more than five months as the United States removed China from its currency manipulator list
The US Treasury Department on Monday stripped away its designation of China as a currency manipulator, days before US President Donald Trump and senior Chinese officials are expected to sign an initial trade deal. The Chinese central bank continued to guide the yuan higher on Tuesday. The yuan's daily reference rate against the US dollar increased to 6.8954, the strongest level since last August. The yuan rose in Asia on Tuesday.On the onshore market in Shanghai, the yuan traded at around 6.
The yuan has been climbing higher lately as the US-China trade deal moves closer toward becoming a reality. The US decision to lift China's currency manipulator status is a"most precise and definitive" de-escalation of trade tensions to date, said Stephen Innes, chief Asia market strategist at AxiTrader."With the yuan strengthening ahead of the [phase one] deal signing, it's indicating the potential for further improvement in trade relations," he wrote.
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