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Jul 01 2019

Yen Sags, Yuan Soars after US-China Trade Truce

The yen sagged and the Yuan rose against the US dollar on Monday after the United States and China agreed to resume their troubled trade talks, as US president Donald Trump offered concessions on new tariffs and restrictions on Chinese tech company Huawei.

The dollar rose 0.4% to 108.37 yen, extending its recovery from near six-month low of 106.78 set last Tuesday.

After meeting with Chinese President on the sidelines of Group 20 summit, U.S. president said he would hold back on tariffs and that chain will buy more farm products.

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