SYDNEY (Reuters) – Asian share markets looked well set on Monday after U.S. President Donald Trump said he would delay a planned increase on Chinese imports as talks between the two sides were making “substantial progress”. The Australian dollar, a liquid proxy for China investments, got a mild lift from the news and further gains were expected for the yuan.
A surge in Shanghai shares led Asia higher on Monday after U.S. President Donald Trump confirmed he would delay a planned hike in tariffs on Chinese imports.
Chinese blue chips jumped 3.5 percent to territory last trod in mid-June. That brought gains this year to 20 percent, helped in part by Beijing’s efforts to pump new credit into the financial system.
The Australian dollar, a liquid proxy for China investments, got a mild lift from the news and the dollar touched a fresh seven-month low on the yuan.