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
Topic |   China economy

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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
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Karen Yeung

Karen Yeung

Karen Yeung joined the Post in 2017 after more than 15 years' experience on global newswires in Hong Kong and Shanghai. She spent eight years in Shanghai and has received awards for best feature, analysis and agenda-setting.