And the offshore yuan higher against the USD also:
An overnight note from TD (titled: China's CNY Driving Asian FX Higher Amid Trade Talks) had this (in brief) on the yuan:
- China is likely maintaining a firm currency stance during trade talks with the US this week, suggesting firm CNY fixings over coming days. CNY likely to see renewed weakness by end Q2 19.
- While a deal of sorts is probable and both sides likely to claim victory, structural issues will be much harder to resolve, suggesting that US/China tensions will remain.
- CNY appreciation has pushed Asia's trade orientated currencies higher, but gains are unlikely to be sustained in the wake of intensifying trade pressures and renewed CNY weakness
