Stocks creep higher on U.S. stimulus hopes, yuan sinks

📆 2020-10-12 06:10:00
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SINGAPORE - Asian stock markets began the week with cautious gains on Monday, as investors clung to hopes for U.S.

stimulus spending, while the dollar firmed after a Chinese central bank policy tweak unwound some of the yuan's steep gains.

The Trump administration on Sunday called on Congress to pass a stripped-down coronavirus relief bill, as talks on a more comprehensive plan were again at an impasse. Polls showing Democrat Joe Biden leading Donald Trump in the U.S. presidential race partly underpin that confidence, Strickland said, since the Democrats are pushing harder for spending.

Investors figured Biden would be less likely to trigger fresh Sino-U.S. trade disputes. The yuan is up 7.2 percent since late May as China's economy has led the world's coronavirus recovery. "We still see scope for further yuan appreciation, especially with China's strong growth momentum...but the authorities want to encourage more two-way flows, and removing the reserve requirement will help."

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