Escalation of US-China conflict affects yuan and Australian dollar

Posted 13 May, 2019

The Japanese yen has posted some upturn on Monday. At the same time, the Australian dollar and the Chinese yuan has, on the contrary, weakened due to an escalation of Washington-Beijing trade conflict.

The US Dollar index reached 97.130. The yuan dropped to some $6.8533, which is a 4-month bottom. At the same time, the greenback lost positions vs the yen to 109.69.

The Australian counterpart collapsed to some $0.69750 drive by the downward policy of the Reserve Bank of Australia. The currency strongly depends on the demand for risk assets as well as the economic state of China being the key partner of the country.

According to the market reports, the parties faced a dead-end in the talks last Sunday. In particular, the American party required Beijing representatives to promise that China will amend its legislation, which was opposed to this proposal being unready to take measures that could harm the country.

The trade conflict got very tense last Friday just after Washington launched import duties on Chinese products worth $200 billion. At the same time, Beijing stated that the countermeasures would not be long in coming, but provided no details.

The next meeting of the US and China leaders will probably take place during an upcoming G20 Summit slated for June. The countries will gather in Japan to discuss trade issues, as the official commented.

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