LONDON, Feb 6 — The Australian dollar rose for a fourth straight day today and the Chinese yuan gained after Beijing unexpectedly said it would reduce tariffs on some US imports, fuelling demand for riskier assets. China said today it would halve tariffs on some US imports, bolstering hopes the...
A man raises his hand next to a picture of wads of A$100 bills as he speaks in central Sydney in this May 17, 2011 file photo. — Reuters pic
China said today it would halve tariffs on some US imports, bolstering hopes the global economy will avoid a major shock from a coronavirus outbreak. It also said it hoped to work with the United States to eliminate all tariff increases in future. “Though yesterday’s coronavirus vaccine stories were premature, markets have extended the risk-on tone overnight, this time on news that China will halve tariffs,” Elsa Lignos, global head of FX strategy at RBC Capital Markets said.
Chinese authorities have also pumped in billion of dollars into money markets this week in an effort to restore calm and have pledged to do more to support the economy.
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