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Yen gains but yuan, Aussie dip as U.S.-China trade war escalates By Reuters


© Reuters. FILE Picture: Euro, Hong Kong greenback, U.S. greenback, Japanese yen, pound and Chinese 100 yuan banknotes are observed in this picture illustration

By Shinichi Saoshiro

TOKYO (Reuters) – The secure-haven yen edged better and the and Australian greenback dipped early on Monday soon after the most recent escalation in the trade war among the United States and China.

The world’s two greatest economies appeared at a deadlock around trade negotiations on Sunday as Washington demanded claims of concrete modifications to Chinese law and Beijing claimed it would not swallow any “bitter fruit” that harmed its interests.

The trade conflict had escalated on Friday, with the United States hiking tariffs on $200 billion worthy of of Chinese products. China has vowed to retaliate but has not presented details.

“The conflict among the United States and China about trade is intensifying and the yen is getting when the Chinese yuan and Australian dollar are retreating as a end result today,” reported Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo.

“The over-all response by currencies have been minimal, even so, as there are also variables that assistance hopes for an eventual settlement, these kinds of as the likelihood of the two countries’ presidents assembly at the G20.”

U.S. President Donald Trump and his Chinese counterpart Xi Jinping are very likely to satisfy all through a G20 summit in Japan at the close of June and examine trade, White House financial adviser Larry Kudlow reported on Sunday.

The greenback was .3 per cent decrease at 109.650 yen, around a three-month very low of 109.470 brushed late past 7 days.

The Chinese yuan weakened about .3 % to 6.866 per greenback in offshore trade, its cheapest in four months.

The Australian greenback drop .15 p.c to $.6990. The forex is delicate to shifts in threat sentiment and also serves as a liquid proxy of trades similar to China, the country’s major trading partner.

The greenback shed .1 p.c to 1.010 Swiss francs, a risk-free haven together with the yen, after going as very low as 1.009 on Friday, its weakest in approximately a month.

The euro was minimal transformed at $1.1234.

The in opposition to a basket of 6 significant currencies inched down .05 per cent to 97.283.

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