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Yuan hits four-month high

2019-01-09 10:50 am | Resource: News | No Views : 65

China's currency hit its highest level in four months in terms of the official exchange rate against the dollar on Wednesday in the alleged progress in trade talks with the United States.

Ho Chi-gin, editor-in-chief of Global Times, said he knew the situation was "very positive" and that the two sides were drafting a joint statement. The round of negotiations, held by mid-level officials, extended to today, which the Foreign Ministry in Beijing called "a very serious approach" by its representatives.

Chinese official: More US goods still out of schedule

In the same context, Lu Jinyong, vice president of the China Association for International Economic Cooperation, said that government officials in Beijing are looking at commitments related to US demands to reform economic policy and prevent the theft of technology, which is necessary for US national security.

In an interview published Wednesday (MNI), the expert from the state-run agency said he believed his country's representatives would not yet accept any targets for cargo shipments from the world's largest economy.

In his view, the round of negotiations that ended today after the extension was "low-level" and "temporary", but the discussions were "very serious." Lu said the expected concessions from China would be "partial." The joint announcement may be "vague".

He added that the most populous countries could give "flexible" guarantees to reduce the bilateral surplus in terms of percentages and "two years".

He highlighted potential deals for liquefied natural gas (LNG), or LNG, as well as oil and energy in general, entertainment, tourism and education.

Rising yuan against the dollar and the euro
  • The dollar fell 0.35% at 10:00 am CET, where it bought 6.8294 yuan. The lowest level was at 6.8282, last seen on September 13th.
  • The dollar weakened 0.31% to 6.83228 yuan after touching 6.82999, the weakest since Dec. 4.
  • The euro fell against the yuan by 0.12%. The euro traded against the Japanese currency at 7.82935 and 0.11% at 7.8317, respectively.

Other analysis

USD/JPY Technical analysis 18 January 2019

Time frame Used - four hours The USDJPY is moving in a sideway direction in the near term. The USDJPY is still facing resistance and selling pressure around the resistance level of 109.07 trying to breach this level to the upside, but we note that the USD/JPY moves between the upper boundary and the moving average line of the Bollinger indicator. In view of the technical indicators Both the RSI…

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