The Chinese yuan touched its highest level in nearly two weeks against the US dollar after a phone call between US President Donald Trump and his Chinese counterpart Xi Jinping boosted investor confidence in the prospects for bilateral relations.
On Tuesday, the dollar edged down 0.1% against the yuan to 7.0952, after reaching 7.0933, its highest level since November 14.
Before the market opened, the People's Bank of China set the yuan's midpoint rate at 7.0826 per dollar, its highest level since November 17, 230 basis points higher than analysts' expectations. The rate is allowed to fluctuate by 2%.
Trump praised relations with China as "very strong" following his call with Xi, who told him that Taiwan's return to China is a key part of Beijing's vision for the post-World War II world order, according to Reuters.
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