Yuan hits its highest level since July on progress in the talks
2019-01-10 09:21 am | Resource: News | No Views : 93
Chinese currency rose on Thursday after further details leaked out of trade negotiations with the United States. The yuan continued to rise for the second day, reaching 6.7842 against the dollar, the strongest point since July 26.
Where participants opened the way for higher-level discussions. The most populous countries have agreed to buy more US goods and services and open up their market for investment, but both sides are said to have left many issues unresolved.
US negotiators stressed that the current arrangements justify "continuous verification and effective enforcement" and referred to the "continuing trade deficit" and "structural issues". China's account was positive if it was ambiguous. Inflation in the factory gate slowed to 0.9%, the lowest level in 28 months, and consumer price growth fell to 1.9%, the lowest level in half a year.
China: "Founding US talks" to end trade war
China's Ministry of Commerce on Thursday praised the results of the trade talks this week with the United States, noting that it "laid the foundations" for solving the ongoing trade war between the two countries.
Beijing described the three-day talks as "comprehensive, profound and detailed," adding that the two sides agreed to maintain close contact on the trade issue. According to the ministry's statement, Beijing and Washington "actively carried out" the consensus reached by their leaders Xi Jinping and Donald Trump at the Group of Twenty summit in Argentina.
The United States said on Wednesday in a statement that talks with China focused on finding ways to achieve "justice, reciprocity and balance in trade relations" and reiterated China's commitment to buy "a large amount of agricultural goods, energy, manufactured goods and other products and services."
China's central bank strengthened the exchange rate in mid-point to 6.816 from 6.8526 yesterday. The dollar fell 0.44% to 6.7882 yuan and 0.3% to 6.79236 yuan at 7:41 am CET. Has touched 6.78483 yuan, the weakest since August 27. The euro fell 0.34% to 7.8453 yuan and 0.23% to 7.8481 yuan.
Time frame Used - four hours The USD/JPY is moving in a bearish direction in the near term. The USD/JPY was able to take control of the USD/JPY movement after the US Federal Reserve's decision to fix the US interest rate as the USD/JPY broke down at 111.12 to hit at 110.35. In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of indicators…
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