HONG KONG: China’s yuan rose on Tuesday to its strongest level against the US dollar in nearly a month, recovering from losses sustained after the US announced hefty tariffs, as Beijing signalled a commitment to currency stability.
The yuan strengthened to as much as 7.2710 per dollar in Asian trade, in strongest level since April 2, while its offshore counterpart climbed to 7.2730, up about 0.15%.
The dollar slipped overnight after US Treasury Secretary Scott Bessent told CNBC it was “up to China to de-escalate” tariffs, leaving investors unsure whether the Sino-US trade war was abating.
That followed comments from the People’s Bank of China Deputy Governor Zou Lan underlining a commitment to currency stability. He reiterated in a press conference on Monday that the bank would firmly correct pro-cyclical behaviours and prevent overshooting risks.
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