offshore yuan


Safe-haven yen up vs US dollar after China slowdown sparks risk-off

NEW YORK, Jan 14 — A contraction in Chinese exports engendered fears of a slowdown in the world's second-largest economy, sparking a risk-off move yesterday which hurt the US dollar against the Japanese yen, a safe-haven investment in times of…

Aussie dollar, yuan fall on concerns about China slowdown

LONDON, Jan 14 —The Australian dollar and kiwi dollar, gauges of global risk appetite, fell today on fears of a slowdown in China’s economy prompted by a contraction in Chinese exports. Market sentiment swung negative after data showed that…

US dollar steady as Aussie, kiwi edge lower on profit taking

SINGAPORE, Jan 14 — The US dollar rose against most of its peers on today, although heightened investor expectations that the Federal Reserve will not raise rates this year are most likely to cap the greenback's gains. The Australian dollar and…

Euro basks at three-month highs as dollar bears charge

LONDON, Jan 10 ― The euro consolidated gains today after posting its biggest daily jump in more than six months, having cleared some key market levels after Fed minutes signaled a more cautious approach towards further rate hikes. With the euro…

Dollar slips on Fed pause bets, trade optimism

LONDON, Jan 10 ― The dollar today languished near a 3-month low on signs the Federal Reserve may soon pause its interest rate tightening cycle. Minutes from the Fed's December 18-19 meeting showed that several policymakers were in favour of the US…

US dollar dips on US-China trade war truce as Aussie, yuan gain

NEW YORK, Dec 4 — The US dollar fell broadly yesterday, as currencies battered by trade tensions between the United States and China staged a comeback after leaders from the two countries declared a truce on tariffs. China's yuan and several…

Euro, yuan lead surge after US-China trade war truce

LONDON: The euro and Australian dollar led the rally against the US dollar yesterday after Washington and Beijing’s agreement for a ceasefire in their trade war encouraged investors to sell the greenback and buy into riskier assets.

Emerging market currencies also surged higher, with China’s offshore yuan gaining more than 1%.

US President Donald Trump and China’s President Xi Jinping have agreed a 90-day cease-fire in their trade dispute during which they will try to bridge their differences.

“Even though it’s a 90-day truce and both US and China still need to sort out multiple issues in this period, from markets’ perspective getting past the event risk with a positive outcome and de-escalation of tensions is clearly positive for risk sentiment,“ said Mayank Mishra, global macro strategist at Standard Chartered.

Currencies hit hard during the trade dispute amid fears of the potential damage to the global economy recovered sharply. The Australian dollar rocketed 1% to US$0.7386.

China is the biggest buyer of Australian exports and the worry has been that any hit to Chinese demand would hurt international trade.

The Canadian dollar rose 0.9% to C$1.3162, while the Norwegian crown added 1% helped by the improved market sentiment and soaring oil prices.

The euro also capitalised on the dollar weakness, adding more than half a percent to US$1.1379. That takes the euro further away from its 2018 low hit last month of US$1.1216.

The dollar index, which measures the greenback against a basket of major peers, fell 0.6% to a day’s low of 96.719.

Trade tensions have been one of the biggest drivers of dollar strength in 2018.

“The reduction in global trade tensions has delivered a second successive blow for the US dollar. It follows hot on the heels of the recent dovish shift in Fed communication,“ MUFG analysts said, referring to recent comments from Federal Reserve officials that suggested the current interest rate hiking cycle may end sooner than expected.

The offshore yuan gained more than 1% to 6.8790, although analysts said with China’s economy on less steady ground than a year ago relief for the yuan may be temporary.

Other emerging market currencies jumped. The South African rand added 2%, while the Mexican peso was 1.8% higher. The Russian rouble added 1.1%. The Japanese yen slipped slightly to 113.48.

Dollar firm, sterling gives up gains after touching 2-week high

SINGAPORE, Nov 5 — The dollar held steady against most of its major peers today, supported by expectations of tighter US monetary policy, while sterling gave up nearly all its recent gains as investors sought clarity around Brexit. A Sunday Times…

Dollar up as US-China trade tensions linger, jobs data helps

NEW YORK, Nov 3 — The dollar rose against the yen and the euro yesterday in a choppy session, as worries that a trade deal between the United States and China may not be imminent curtailed risk appetite and boosted safe-haven demand for the…

China shares surge as Trump reportedly seeking China trade deal

SHANGHAI, Nov 2 — Shares in China shot higher today, propelled by a report that US President Donald Trump is seeking a trade agreement with Chinese President Xi Jinping, and as investors cheered a new pledge of government support for private…