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Yuan recovers as Trump raises hopes for de-escalation of trade war



U.S. and Chinese flags are seen in front of a US dollar banknote with American founding father Benjamin Franklin and a yuan banknote in China featuring the late Chinese President Mao Zedong in this illustrated photo taken on May 20, 201

9. RATERS / Jason Lee / Illustration [19659002] SHANGHAI (Reuters – China's offshore and offshore yuan CNY = CFXS CNH = D3 both narrowed sharply against the dollar on Monday afternoon, as comments by US President Donald Trump expressed hope for a de-escalation in the US-China trade war.

] Trump said China had contacted US sales officials overnight to say that it wanted to return to the negotiating table, and welcomed Chinese President Xi Jinping as a great leader and said he welcomed his desire for a deal and peace.

Markets took his comments as a positive sign of a chance of de-escalation after both parties announced additional tariffs on each other's goods over the weekend.

The June offshore spot jumped to 7.1395 USD, before trading at 7.1421 at 0721 GMT. His offshore counterpart rose to 7.1497 before trading at 7.1545 at 0721 GMT.

Earlier during the session, China's Deputy Prime Minister Liu He said that China was ready to resolve its trade dispute with the US through "calm" talks and strongly opposed the escalation of the conflict.

Report by Winnie Zhou and John Ruvich; Editing by Simon Cameron-Moore

Our Standards: The Thomson Reuters Principles of Trust.

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