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        China's release of goodwill helps RMB close higher


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The yuan rose 85 points to a new one week high against the dollar on Friday, while the central price rose more than 100 points. Traders said that President Trump's optimistic comments kept the market looking forward to the Sino US trade agreement; in the afternoon, China released its goodwill and boosted market sentiment. The RMB strengthened and recovered 7.03 yuan at one time. However, before the substantial progress of trade negotiations, the exchange rate is expected to continue to fluctuate in the range of 7.01-7.05 yuan in the short term.
They also said that in the near future, the U.S. index may continue to be weak, or provide some support for the RMB; however, the news of trade negotiations is still the key factor affecting the exchange market, with the new round of tariffs on December 15 approaching, the market's cautious mood has increased. In addition, the market is also concerned about risk events such as the UK general election and the Federal Reserve's interest rate meeting.
"Tariff exclusion is good news, indicating that the two sides are in the opposite direction, but this advantage is a little bit small... Now the market is more concerned about whether the tariff will be increased or not on December 15," said a trader at China capital bank.
China's State Council Tariff Commission said Friday afternoon that it was carrying out the exclusion of some soybeans, pork and other commodities according to the application of relevant enterprises, and taking measures such as no additional 301 measures against the United States and anti-tariff measures against the commodities within the exclusion scope.
Another Chinese trader said that in terms of the Sino US negotiations, the market generally expected that the first phase of the agreement would be postponed, and a new round of tariff increase would be postponed on December 15, "focusing on the situation on December 15, the market price reflects the poor expectation."


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