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Donald Trump 'ready' to impose tariffs on all Chinese goods
Dollar takes breather as trade concerns linger, yuan remains in focus
06 July 2018, 05:17 | Austin Hogan
China's Yuan Reverses Course, Rises Against Dollar
The currency hit to an eleventh month low today after it fell almost 1% against the U.S. dollar in early trading, and recovered to gain 0.3%.
A July 6 deadline is looming for Washington to impose tariffs on $34 billion worth of Chinese goods that Beijing has vowed to match with tariffs on USA products.
Software shares posted strong performance, with Yuanguang Software Information Co., Ltd rising 3.56 percent to close at 8.72 yuan.
Combined turnover stood at 393.9 billion yuan (about 59.2 billion USA dollars), up from 357.64 billion yuan the previous trading day.
After being one of the outperforming currencies for most of the year, the yuan has become one of the worst performing currencies in the Asian markets. The Hong Kong market remained choppy and was last down 1.9 percent, while the Shanghai bourse edged up 0.05 percent.
China's yuan rose sharply against the dollar on Wednesday and stocks flip-flopped a day after the People's Bank of China governor assured markets the central bank would keep the currency stable.
The central bank has closely watched recent fluctuations, Yi said, adding that China's economic fundamentals were sound and financial risks were largely under control.
Officials in China, the epicenter of the global trade row, have warned the United States that the tit-for-tat tariffs on each others' goods will ultimately prove detrimental for American businesses and jobs.
"Both the euro and the dollar benefit because both are seen as safe havens".
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The currency traded overseas gained almost 0.4%. The yen gained 0.2 percent versus the dollar to 110.39, supported by its safe haven status.
MSCI's broad index of shares in Asia Pacific excluding Japan edged down by 0.69 percent, but it remained above the nine-month lows it touched last week.
RBA Governor Philip Lowe said "one uncertainty regarding the global outlook stems from the direction of worldwide trade policy in the United States", cautioning that the recent U.S.
Dollar trading is also expected to be range-bound as investors await the publication on Thursday of minutes from the Federal Reserve's June meeting, and Friday's U.S.jobs data. -China trade tariffs, traders were more concerned about jettisoning risk which could have contributed to the amplified price action.
On the back of the force majeure in Libya and the supply outages in Canada the markets are staggering tight over the short run, and despite suggestions of more supplies coming to market, traders continue to buy dips as increased barrels may only act to prevent a more rapid increase in prices given the global economies insatiable demand for oil.
The Aussie was steady at $0.7338 after dropping to $0.7311 overnight, its lowest since January 2017.
Equity futures for the US S&P500 and Nasdaq indicated a firmer session after Wall Street had ended higher on Tuesday for the third day in a row.
USA crude oil futures settled 0.3 percent higher at $74.14 a barrel after rising above the $75 mark for the first time in 3-1/2 years.
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