Yuan Rebounds As Dollar Takes A Tumble – 16 August, 2018

Talks of a new round of trade negotiations between China and the U.S. happening later this month caused the yuan to recover from its weakest level since 2017 and the dollar to slip just below a 13 1/2 month peak. The ICE index tracking the dollar against six major currencies dipped 0.4 percent and ended at 0.06 percent lower to 96.637. Just days before, it had reached its highest since 2017 at 96.984. The offshore yuan, rebounding from its weakest level since 2017 of 6.9587, gained 1.1 percent to 6.8714 per dollar.