Yuan skyrocketed, stock size skyrocketed as the cheerleading market was about to sign a Sino-US agreement

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SINGAPORE (Reuters) – Asian stocks hit a seven-month high, China's yuan surged and safe harbor assets fell on Tuesday, amid signs of goodwill between China and the United States. , when the world's two largest economies were about to conclude a trade war ceasefire.

An investor uses his mobile phone in front of a stock quote at a brokerage office in Beijing, China on January 3, 2020. REUTERS / Jason Lee

The US Treasury Department on Monday said China was no longer designated as a currency manipulator – a brand it applied when the renminbi depreciated in August.

Meanwhile, China has allowed the tightly-controlled currency to climb to the highest level since July, after fixing the midpoint of the yuan trading group at its most solid level for more than five months.

The renminbi stabilized more than 0.4% at 6,8677 per dollar in the middle of the session.

The moves were made when a Chinese delegation arrived in Washington before the signing of the first-phase trade agreement, which is considered to ease a dispute that has fueled the world economy.

The broadest index of Asia-Pacific shares outside Japan reached its highest level since June in morning trading, pushing world stocks to a record high.

Japan Nikkei added 0.7% and reached the highest point in a month. Hong Kong Hang Hang Seng has risen to the highest level since May and Shanghai blue chips have not been touched since January 2018, although both have subsequently rallied.

Australia S&P / ASX 200 increased 0.7% to a record high of the day. Gold has fallen and the Japanese yen has safely dropped …

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