Yuan Jumps to Strongest Since August, Lifted by U.S.-China Talks
- Chinese assets advance as talks with U.S. end on positive note
- Nomura sees China slowdown, U.S. relations as mid-term risks
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The offshore Chinese yuan climbed to the strongest since August as trade negotiations between the world’s largest economies concluded on a positive note while the U.S. dollar tumbled to a three-month low.
The offshore currency gained as much as 0.7 percent to 6.8074 per dollar in the New York afternoon, with volumes almost double the recent average, according to traders based in London. The onshore yuan closed Wednesday at 6.8175, the highest since August and a 0.5 percent advance from Tuesday. China’s benchmark Shanghai Composite Index also jumped 0.7 percent to a three-week high.