Politics
Chinese yuan weakens as market watches weekend trade talks
SHANGHAI, Aug 12 (Reuters) - China's yuan weakened on Wednesday as the dollar firmed, but it remained confined to a tight range as market players awaited the outcome of trade discussions between senior U.S. and Chinese officials this weekend. Spot yuan opened at 6.9524 per dollar after the People's Bank of China set the fixing for the currency's daily trading band at 6.9597 per dollar, firmer than the previous fix of 6.9711. By midday, the unit was changing hands at 6.9525 per dollar, 62 pips weaker than Tuesday's late session close, while the global dollar index, which measures the greenback against global peers, rose to 93.853 from the previous close of 93.691. Top trade envoys from Beijing and Washington are set to meet over videolink on Aug. 15 for a high-level review of the Phase 1 trade deal between their countries. The talks will take place amid rising tensions between the United States and China. On Tuesday, U.S. President Donald Trump said that his relationship with Chinese President Xi Jinping had soured due to the COVID-19 pandemic, though a top White House economic adviser said that the trade deal remains in "fine" shape. "The news flow has been pretty stable this week. It's possible that the two sides want to have a good atmosphere for the trade review this weekend, there probably won't be major issues," said a trader at a foreign bank. He expected the yuan to track fluctuations in the U.S. dollar index in the near term. Smooth trade talks between Washington and Beijing could boost the currency, but any moves would likely be limited, he said. The offshore yuan weakened 70 pips to 6.9495 per dollar. Some market watchers continue to see upside for the yuan. Analysts at China Construction Bank said in note that U.S. federal fund futures pointed to extremely low U.S. rates extending into next year, while China's economic recovery has left room for the PBOC to adopt more flexible monetary policy. "In the near term, the renminbi's spread advantage will continue," they said. On Wednesday, the spread of Chinese 10-year treasury bonds over their U.S. equivalents was at 232 basis points, about 25 basis points off record highs touched in July. The yuan market at 4:09AM GMT: ONSHORE SPOT: Item Current Previous Change PBOC midpoint 6.9597 6.9711 0.16% Spot yuan 6.9525 6.9463 -0.09% Divergence from -0.10% midpoint* Spot change YTD 0.15% Spot change since 2005 19.04% revaluation Key indexes: Item Current Previous Change Thomson 92.16 92.01 0.2 Reuters/HKEX CNH index Dollar index 93.853 93.691 0.2 *Divergence of the dollar/yuan exchange rate. Negative number indicates that spot yuan is trading stronger than the midpoint. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2% from official midpoint rate it sets each morning. OFFSHORE CNH MARKET Instrument Current Difference from onshore Offshore spot yuan 6.9495 0.04% * Offshore 7.1002 -1.98% non-deliverable forwards ** *Premium for offshore spot over onshore **Figure reflects difference from PBOC's official midpoint, since non-deliverable forwards are settled against the midpoint. . (Reporting by Andrew Galbraith and Xiao Han; Editing by Kim Coghill)
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