China's yuan hit a two-week low against the dollar on Tuesday, later paring losses, as sentiment grew cautious over signs that a rollback in tariffs remained a sticking point in Sino-U.S. trade talks.
A CNBC report saying the mood in Beijing was pessimistic about the prospects of sealing an agreement dented sentiment. Chinese officials were troubled by President Donald Trump's comment that there was no agreement on phasing out tariffs, a government source told CNBC.
But news of the U.S. government granting China's Huawei a licence extension helped check the losses. The Trump administration on Monday issued a new 90-day extension allowing U.S. companies to continue doing business with Huawei Technologies Co Ltd as U.S. regulators continue crafting rules on telecommunications firms that pose a threat to national security.
The People's Bank of China set the midpoint rate at 7.003 per dollar prior to market open, a touch firmer than the previous fix of 7.0037. The spot market opened at 7.0288 per dollar and hit a low of 7.0295 before changing hands at 7.0267 at midday, 12 pips weaker than the previous late session close.
Highlighting the trade war's impact on China's corporate world, a private survey showed on Tuesday that Chinese private firms are shunning the United States in their overseas expansion, and generally prefer a home listing to a U.S. initial public offering (IPO).
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