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| Commodity News |
| HeadLine : |
Yen holds firm while investors wait for trade deal signing |
| Date : |
Jan 15 2020 |
The safe-haven yen held firm and riskier Asian currencies softened a little on Wednesday, as currency investors awaited the signing of the U.S.-China trade deal with trepidation. The formal agreement is aimed at drawing a line underneath 18 months of tit-for-tat tariff hikes that have hurt global growth. But hopes that it may herald warmer relations between the world's top two economies were dented late Tuesday when U.S. Treasury Secretary Steven Mnuchin said that current tariffs on Chinese goods would stay, pending further talks. The yuan is the currency most sensitive to Sino-U.S. trade relations, and it retreated 0.2% to 6.8990 in offshore trade . Washington has agreed to suspend tariffs on $160 billion of some Chinese-made electronics, and to halve existing tariffs on $120 billion of other goods to 7.5%. A source told Reuters that China has pledged to buy almost $80 billion of additional manufactured goods from the United States over the next two years under the deal, although some U.S. trade experts called that unrealistic.
Source : Investing
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