China’s renminbi rallied sharply on Tuesday after the US announced it would delay some tariffs that were set to take effect next month, easing trade tensions.
The offshore renminbi, which trades in financial centres outside of mainland China, strengthened more than 1 per cent against the US dollar to Rmb7.0206 and was eyeing its biggest one-day rise since August 2018.
In intraday trading, the renminbi crossed Rmb7 against the greenback, touching Rmb6.9949, after weakening past that threshold a week ago for the first time since the 2008 financial crisis.
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