Doubts over whether the United States and China will be able to reach a prelimin...
TOKYO - Doubts over whether the United States and China will be able to reach a preliminary trade deal helped to lift safe-haven currencies such as the yen and the Swiss franc on Thursday, while pulling the yuan lower.
The report came after President Donald Trump said a trade deal with China was “close,” but offered no details and warned that he would raise tariffs “substantially” on Chinese goods if there was no deal. The Japanese currency, often used as a safe-haven asset because of Japan’s status as the world’s largest net creditor nation, has hit a five-month low of 109.49 a week ago.The yen hardly budged after Japan’s GDP data showed the economy grew an annualised 0.2% in July-September, much below economists’ forecast of 0.8%.
The yuan took the data in its stride, though, staying little changed at 7.0223 yuan per dollar in onshore trade. But it stood off its three-month high of 6.9650 touched on Friday.
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