The yuan rallied the most in a year and Chinese shares rose as U.S. President Donald Trump signed off on a phase-one trade agreement.
The onshore rate advanced as much as 1% to 6.9570 per dollar Friday, the most since December last year and the strongest since Aug. 2 on an intraday basis, before paring. Trump’s signing of the deal averts the Dec. 15 introduction of a fresh wave of U.S. tariffs, and includes a promise from Beijing to buy more U.S. agricultural goods, people familiar with the matter said. Officials also discussed possible reductions of existing duties on Chinese products.