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Anzo Lim

Progress in Trade Talks Propped up RMB towards 7.03

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A new round of high-level trade consultation between China and the US concluded in Washington last Friday. The meeting has achieved positive outcome in several aspects. These include:  


1 US will halt raising tariff;


2 China will increase import of agricultural produce, particularly soy beans which Trump has put special emphasis on.


3 Trump will allow some US companies to supply non-sensitive goods to Chinese company Huawei.


Both sides agreed to work together towards reaching a final deal. This increases market appetite for high-risk assets, while safe-haven assets including gold may become less favored. USD/CNH further dropped to 7.0686, the lowest since September 17th. We expect RMB to appreciate against USD and jitter in the range of 7.04---7.03.


Source: WikiFX


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