Skip to content
Subscriber Only

China’s Yuan Adds Most in a Year as U.S. Approves Trade Deal

  • Currency surges as much as 1% to strongest since early August
  • Hong Kong, mainland stocks rise amid trade optimism Friday
Video player cover image
U.S., China Agree in Principle to Phase-One Trade Deal
Updated on

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.