Offshore Yuan Erases Loss After News Currency Pact Being Weighed By Bloomberg




(Bloomberg) — The reversed declines after a report the U.S. is considering a currency pact as part of an early deal with China that could also see a planned tariff increase next week suspended.

The currency rose 0.1% to 7.1324 per dollar at 9:20 a.m. in Hong Kong. Contracts on the {{28930|FTSE Ch dropped 0.2%. The currency accord — which the U.S. said had been agreed to earlier this year before trade talks broke down — would be part of what the White House considers to be a first-phase agreement with Beijing, according to people familiar with the discussions.

The currency earlier weakened amid conflicting reports over progress of the talks.

“Market braces for more headlines -– which can be confusing -– in the next two days,” said Frances Cheung, head of Asia macro strategy at Westpac Banking Corp. “Investors may want to keep their position light.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Leave a Reply

Your email address will not be published. Required fields are marked *