lost at least 3% each on Monday, after China let the yuan slide, prompting the U.S. Treasury Department to label Beijing as a currency manipulator.
However, China’s move to fix the yuan at a slightly stronger rate overnight allayed fears of a further escalation in trade war that has been roiling markets since last week when President Donald Trump threatened a new round of tariffs on Chinese imports. “The fact that China stabilized its currency gives investors some hope that this won’t accelerate into a bigger problem,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.
“Any positive response by either side that suggests some willingness to negotiate is really going to be taken well by investors.” Trade tensions ebbed also after White House economic adviser Larry Kudlow said Trump was planning to host a Chinese delegation for further talks in September.
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Black Thursday, October, 2019, will 'celebrate' 90 years
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