Yuan goes up

Yuan goes up

On Tuesday, the major Chinese currency managed to head north versus the evergreen buck after a report that American Treasury Secretary Steven Mnuchin had proceeded with negotiations with China Vice Premier Liu He.

On Monday, the Wall Street Journal informed that Mnuchin and Liu He had a telephone conversation the previous week.

What’s more, the WSJ stressed that the talk didn’t end up with any breakthrough as to trade conflict between the two leading economies.

American leader Donald Trump is expected to meet his Chinese President Xi Jinping later this month at the Group of 20 nations summit.

In addition to this, on Tuesday, Reuters informed that major state-owned Chinese financial institutions have been caught selling the American dollars in onshore spot foreign exchange market at about 6.97 CNY/USD for the purpose of stemming the Yuan dive.

As a matter of fact, the currency pair USD/CNY headed south by 0.14% being worth 6.9551.

As it has been reported, the People's Bank of China set the national currency reference rate at about 6.9629 in contrast with Monday's reading of 6.9476.

Moreover, the Japanese yen, which has a reputation of a reliable safe-haven asset, slipped versus the evergreen buck notwithstanding a tech-led dive on Wall Street overnight.

The currency pair USD/JPY managed to jump by 0.14% hitting 114.00. Resumed US-China trade optimism was considered to be the catalyst for the selling in Japan’s currency.

Estimating the evergreen buck’s purchasing potential against its primary peers the USD index went down by 0.2% reaching 97.35.

As for the currency pair GBP/USD, it has been diving for a third day due to the fact investors waited to see if British Prime Minister Theresa May would have her Brexit plan ditched, while the common currency sank to 16-months minimums in the face of greater fears on Italy’s budget.

AUD/USD  and NZD/USD rallied by respectively 0.6% and 0.5%.

 

 

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