Global rally after Trump imposes deadline on China over trade

Global Markets Recover As Investors Become Optimistic Of A Deal

The dollar was also propped up by buying by Japanese importers, a rise in US stock index futures and the resilience of the Nikkei 225 stock average, traders said.

"Unless a specific schedule of the next trade talks between the United States and China is decided, the dollar is unlikely to stage a sharp recovery (versus the yen)", an official of a Japanese bank said. The trade-weighted index rose to 72.13 points from 72.03, again reflecting the change in the yuan's value.

The offshore yuan climbed on Trump's comments, rebounding from a four-month low in early trade to 6.8943, up 0.26 percent on the day, while the onshore yuan firmed 0.1 percent against the greenback to 6.8737.

U.S. President Donald Trump and his Chinese counterpart Xi Jinping are likely to meet during a Group of 20 summit in Japan at the end of June and discuss trade, White House economic adviser Larry Kudlow said on Sunday.

"It's lost 2 percent against the U.S. dollar so far this month and we're not even half way through the month", says Peter Cavanaugh, the senior client advisor at Bancorp Treasury Services. China has said additional duties imposed should be removed for an agreement, setting the stage for weeks of uncertainty in financial markets after investors had thought a pact was near.

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China effectively runs two exchange rates, one inside China and the other outside it, often referred to as the renminbi.

His comments came after China announced on Monday higher tariffs on $60 billion of U.S. goods, in retaliation of Washington's decision last week to hike its own levies on $200 billion in Chinese imports.

EM Asian currencies are expected to recoup some of their early losses on Wednesday, with trading tensions between the USA and China diminishing somewhat.

According to USA media reports, Trump said at a dinner party at the White house on Monday that he thinks that the U.S. "Both sides will pay in these things". This pressure is building up on expectations that the long-term interest-rate spreads between China and the USA could further narrow and the renewed trade conflict could further intensify, said Zhang Ming, chief economist of Ping An Securities Co. "I am surprised that bonds are not rallying more". "That will annoy the Americans more than they are already". The yen strengthened against all of its major peers, rising as much as 0.3 per cent to 109.60 against the dollar. The offshore yuan - a key risk indicator due to concern China will use it to retaliate against US tariffs - stabilized after a six-day decline.



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