Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China. Photo: Reuters
China’s yuan soars above key level against US dollar on hopes that Trump considering ditching some tariffs
- Yuan surged back above key psychological level of 7 to the US dollar on reports that Donald Trump could agree to removing tariffs on China in phase one trade deal
- Market expectations for further yuan decline have completely evaporated, analysts say, amid surprise suggestion of more significant trade deal than expected
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China economy
Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China. Photo: Reuters