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REUTERS
June 13, 2018

Yuan flat

Business

REUTERS
June 13, 2018

SHANGHAI: China´s yuan was flat against the U.S. dollar on Tuesday in thin trade, with market participants awaiting the outcome of a landmark meeting between the United States and North Korea.

U.S. President Donald Trump said he had forged a "good relationship" with North Korean leader Kim Jong Un at the summit in Singapore, while Kim said the meeting was "a good prelude to peace". But there was no immediate word on any substantive progress in their discussions.

Yuan trading was subdued after the central bank set weaker daily guidance, and the spot rate traded in a wafer-thin range of about 60 pips, with investors mostly reluctant to take bets. Ken Cheung, senior Asian FX strategist at Mizuho Bank in Hong Kong, said given the geographic proximity of the Korean Peninsula, progress in resolving the nuclear standoff is "sensitive" to China, along with the trade dispute China has with the United States.

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