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Yuan hits four-month high

2019-01-09 10:50 am | Resource: News | No Views : 188



 
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.


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Best Opportunities, Vision and Technical Analysis for the USD/JPY pair 17 April 2019

We offer you the analysis of the US dollar against the Japanese Yen on Wednesday, April 17, 2019 with the most important expectations for the dollar against the Japanese yen on the market. Time frame Used - four hours The USD/JPY is moving in a bullish direction in the near term. USD/JPY is still facing resistance and selling pressure around 112.10 as the USD-JPY closed yesterday's session down below 112.00…

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