Gains by Chinese equities and the yuan's stronger-than-expected daily fixin...
SHANGHAI - Gains by Chinese equities and the yuan’s stronger-than-expected daily fixing helped lift a broad gauge of Asian shares above water on Monday, but firm gold prices underscored investor worries over risks from a prolonged Sino-U.S. trade war.
Further helping sentiment, the People’s Bank of China set its daily midpoint for yuan trading - which determines the limits for its onshore movement - at 7.0211 per dollar. That was weaker than Friday’s setting but stronger than market expectations. The International Monetary Fund said on Friday that it stood by its assessment that the value of China’s yuan was largely in line with economic fundamentals.
White House trade adviser Peter Navarro subsequently said that the United States was still planning to hold another round of trade talks with Chinese negotiators. A flight to perceived safe-haven assets helped to lift the price of gold above $1,500 last week for the first time since April 2013. The precious metal shed some early gains on Monday but last traded flat at $1,496.70 per ounce.
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