Renminbi rallies as US considers dropping some China tariffs

Past the RMB7 per dollar mark

The renminbi rallied on Tuesday after news emerged that the US is considering dropping some of the tariffs imposed on China in an effort to pause the trade war between the two countries.

The Financial Times revealed that the White House is considering removing $112bn worth of levies on Chinese goods, such as clothing, appliances and flat screen monitors, all of which were introduced on 1 September at 15%. The news comes as the two nations have agreed terms of a ceasefire, which is expected to be signed by US President Donald Trump and his Chinese counterpart Xi Jinping in the next few weeks. As a result, China's currency strengthened past the RMB7 per dollar mark, which is considered an important threshold. The currency fell below this level three months ago for the f...