Chinese Yuan rallies on Trump’s upbeat remarks on trade

Chinese Yuan rallies on Trump’s upbeat remarks on trade

On Tuesday, the Chinese Yuan soared a bit in Asia due to the fact that American leader came up with upbeat remarks on trade.

On Monday, in Texas, US leader told that his administration is looking for great deals on trade with the number two leading economy and doesn’t want this Asian country to face a hard time.

Comments by adviser Kellyanne, Conway White House who told that American leader is eager to meet with Chinese President Xi in the nearer future also improved investor sentiment.

This week another round of trade talks burst out in Beijing as the world’s two leading economies do their best to make a deal before a March 1 deadline of tariff lifts.

On Monday, preparatory negotiations started ahead of Thursday as well as Friday's higher principal-level discussions led on the American side by Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer, who are expected to meet with Chinese Vice-Premier Liu He.

The Yuan reference rate was set at 6.7765 by China’s major financial institution, in contrast with Monday’s reading of 6.7495.

The currency pair USD/CNY went down by 0.1% being worth 6.7862.

 As for the Australian dollar, it managed to rally too, adding 0.2% in its market value versus the evergreen buck.

The Australian dollar’s profit came notwithstanding data earlier in the day that disclosed that Australia’s home loan went down by 6.1%, which is a big miss compared to the anticipated 2% dive.

Gauging the evergreen buck’s purchasing power versus other key currencies the USD index hit 96.877. Yesterday, the USD index reached a two-month maximum, with weakness in the UK currency as well as uncertainty surrounding the China-U.S trade tensions cited as backing safe-haven assets.

On Monday, the currency pair GBP/USD headed south by 1% reacting to the news that the British economy rallied by 0.2% in fourth quarter in 2018.


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