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7/18/2018, 7:40 PM (Source: TeleTrader)
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Dollar rallies to highest in nearly one year versus yuan

The dollar surged against the Chinese yuan on Wednesday, brushing off mixed performance among major peers and emerging market currencies. The climb followed remarks by Larry Kudlow, top economic aide to United States President Donald Trump, as he claimed there are indications China is willing to make an agreement that would end the bilateral trade war.

The head of the National Economic Council expressed expectations the government in Beijing would lower import tariffs but asserted he believes President Xi Jinping is still determined to hold his position. Kudlow acknowledged negotiations with China have stalled, but claimed the most populous nation could finish the exchange of blows instantly.

The official rate versus the yuan jumped 1.07% to 6.7787 at 7:37, immediately after touching 6.7829, a level unseen since July 26 of last year. The greenback was 0.32% higher at 6.7436 compared to the offshore yuan, following a rally to 6.758, the highest since the said date. The dollar was 0.35% lower against the Mexican peso, buying 18.8209, and 0.2% down at 4.7943 Turkish liras.

Breaking the News / IT