Australia Markets open in 3 hrs 26 mins

Yuan Remains Below 7 Against U.S. Dollar; Trade News in Focus - The Chinese yuan remained below the seven-to-the U.S. dollar on Wednesday in Asia as traders digested the latest Sino-U.S. trade news.

The USD/CNY pair dropped 0.2% to 6.9963 by 11:00 AM ET (03:00 GMT).

On Wednesday, the People’s Bank of China set the midpoint for the yuan at 7.0080 per dollar, its strongest since August 8, Reuters reported.

Meanwhile, in the latest trade news, China is reportedly urging the U.S. to roll back on more tariffs as part of the “phase one” trade deal expected to be signed later this month.

The AUD/USD pair inched up 0.1% to 0.6896. The Reserve Bank of Australia left its cash rate unchanged at 0.75% on Tuesday, while reiterating its concern about consumer spending.

The rate will remain low for an extended period, the central bank said.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies slipped 0.1% to 97.720.

A survey on the vast U.S. service sector published on Tuesday showed that business sentiment had improved in October from a three-year low in September.

The ISM non-manufacturing sector index rose to 54.7 from 52.6 in September, beating market expectations.

The USD/JPY pair slipped 0.1% to 109.03.

Related Articles

China Analysts Already Calling Time on Yuan’s Surge Past 7

Dollar buoyed by trade deal hopes, strong U.S. economic data

Why More Demand for Japanese Stocks Is Bad News for the Yen