Chinese Yuan Trades At 4-day High Against U.S. Dollar
November 25 2019 - 8:54PM
RTTF2
The Chinese yuan traded higher against the U.S. dollar in the
Asian session on Tuesday amid indications of progress in U.S.-China
trade talks.
China's Commerce Ministry said in a brief notice that Vice
Premier Liu He spoke with U.S. Trade Representative Robert
Lighthizer and Treasury Secretary Steven Mnuchin early Tuesday
Beijing time and agreed to continue talks on the Phase 1 deal.
The yuan climbed to a 4-day high of 7.0252 against the greenback
from Monday's closing value of 7.0348. The yuan is likely to locate
resistance around the 6.9 level.
The People's Bank of China set today's central parity rate of
the yuan at 7.0344 per dollar, compared to yesterday's rate of
7.0397.The Chinese central bank sets central parity rate every
morning and allows the yuan to fluctuate up to 2 percent from that
level.
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