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China's offshore yuan extends surge to 2-1/2 month high

Reuters

LONDON, Dec 4 (Reuters) - China's offshore yuan extended this week's rally on Tuesday, hitting a 2-1/2 month high after the United States and Beijing on the weekend agreed to a ceasefire in their trade conflict.

The yuan has now recovered 1.2 percent against the dollar in the offshore market since U.S. President Donald Trump and Chinese leader Xi Jinping pledged to try and cooperate on trade and reduce tensions.

The yuan rose as much as 0.7 percent to 6.8270, its strongest since September 21. The yuan has been one of the biggest casualities this year as the trade conflict intensified. (Reporting by Tommy Reggiori Wilkes)