Asian Markets Rise as U.S. Drops China’s Currency Manipulator Label

© Reuters.

Investing.com – Asian stocks rose in morning trade on Tuesday after the U.S. dropped China’s currency manipulator label, saying that it has made “enforceable commitments” not to devalue the yuan.

China’s inched up 0.1%, while the gained 0.3%.

“China has made enforceable commitments to refrain from competitive devaluation, while promoting transparency and accountability,“ Treasury Secretary Steven Mnuchin said in a statement released Monday in Washington.

The U.S. government last summer tagged China with the label of currency manipulator when tensions between Washington and Beijing threatened to boil over.

The decision came two days before the signing of the phase one trade deal at the White House.

On the data front, the country’s and both rose in 2019, according to the General Administration of Customs.

In yuan terms, 2019 exports rose 5% from a year ago while imports 1.6% in the same period.

Hong Kong’s was little changed at 28,935.

Japan’s climbed 0.5% after returning from a public holiday on Monday.

South Korea’s advanced 0.7%.

Down under, Australia’s rose 0.7% as major miners gained. Fortescue Metals was up 1.44%, BHP Group rose 1.09%, and Rio Tinto was up 1.24%.

Overnight, the gained 0.7% and closed at a record closing high, while the added 1% and also closed at a record peak. The rose 0.29%.

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