Investing.com - Asian stocks rose in morning trade on Tuesday after the U.S. dropped China’s currency manipulator label, saying that it has made “enforceable commitments” not to devalue the yuan.
China’s Shanghai Composite inched up 0.1%, while the Shenzhen Component gained 0.3%.
“China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability,“ Treasury Secretary Steven Mnuchin said in a statement released Monday in Washington.
The U.S. government last summer tagged China with the label of currency manipulator when tensions between Washington and Beijing threatened to boil over.
The decision came two days before the signing of the phase one trade deal at the White House.
In yuan terms, 2019 exports rose 5% from a year ago while imports 1.6% in the same period.
Hong Kong’s Hang Seng Index was little changed at 28,935.
Japan’s Nikkei 225 climbed 0.5% after returning from a public holiday on Monday.
South Korea’s KOSPI advanced 0.7%.
Down under, Australia’s S&P/ASX 200 rose 0.7% as major miners gained. Fortescue Metals was up 1.44%, BHP Group rose 1.09%, and Rio Tinto was up 1.24%.
Overnight, the S&P 500 gained 0.7% and closed at a record closing high, while the NASDAQ Composite added 1% and also closed at a record peak. The Dow Jones Industrial Average rose 0.29%.