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Forex News: Chinese Yuan Trades At 4-day High Against U.S.

Chinese Yuan Trades At 4-day High Against U.S. Dollar

11/26/2019 - 01:54:00 (RTTNews)

(RTTNews) - The Chinese yuan traded higher against the U.S. dollar in the Asian session on Tuesday amid indications of progress in U.S.-China trade talks.

China's Commerce Ministry said in a brief notice that Vice Premier Liu He spoke with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin early Tuesday Beijing time and agreed to continue talks on the Phase 1 deal.

The yuan climbed to a 4-day high of 7.0252 against the greenback from Monday's closing value of 7.0348. The yuan is likely to locate resistance around the 6.9 level.

The People's Bank of China set today's central parity rate of the yuan at 7.0344 per dollar, compared to yesterday's rate of 7.0397.The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.

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