News Snippets

Asia stocks rise as China fixes the yuan at weakest level since 2008

Stocks in Asia mostly gained as Chinese customs data showed a surprise jump in the country’s July exports despite a protracted trade war with the US.

Investors kept a close eye on the yuan, which crossed the psychologically important level of 7 per dollar again, after the Chinese central bank set a midpoint reference that was the weakest in more than a decade.

The Chinese yuan was under the spotlight earlier this week after it crossed a closely-watched 7 barrier against the dollar, leading the US Treasury Department to label China a currency manipulator.

 

Previous ArticleNext Article