The Chinese yuan has jumped to a six-month high, breaking the key 7.20 per dollar mark amid an agreement between Beijing and Washington to mutually reduce tariffs.
This is reported by The Economic Times.
The publication notes that this allowed the yuan to strengthen by 0.2012% to 7.193 on the mainland market and by 0.15% to 7.1878 on the offshore market.
This agreement, as reported, could be a major step towards ending the trade war that has destabilized the global economy.
The spot rate of the yuan in China’s SFETS currency system reached its highest level since November 2024, and the Central Bank of China announced an average fixed rate of 7.1991 – the highest since April 7.
Global financial markets have risen sharply after the United States and China agreed to significantly reduce mutual tariffs imposed during their trade war.
US President Donald Trump said “great progress” had been made in relations with China after the first day of talks in Geneva.
Oil prices are rising amid positive signals from US-China trade talks that concluded on Sunday.
Washington expressed optimism at the end of trade talks with China aimed at de-escalating trade tensions between the two countries by Donald Trump.
Բաժանորդագրվեք մեր ալիքին Telegram-ում
