The People's Bank of China (PBOC) on Wednesday set raised its official guidance rate for the yuan to a near three-month high. The midpoint rate was set at 7.0080 per dollar prior to the market's open indicating strong profits in spot trading a day earlier thanks to progress in talks for a partial trade deal between the United States and China.
China said on Tuesday that US President Donald Trump should remove more tariffs on about $125 billion worth of Chinese goods imposed in September as part of the “phase one” trade deal.
However, it said it will not accept the so-called phase-one trade deal if it entails only a suspension of a 15% tariff scheduled to take effect mid-December.
