China's yuan jumps to 5-month high as investors cheer Biden-Xi meeting - NewsBreak

(Updates prices, adds details, comments and background) SHANGHAI, Nov 16 (Reuters) - China's yuan surged to a more than five-month high against the dollar on Tuesday morning, as investors embraced positive developments in talks between U.S. President Joe Biden and Chinese leader Xi Jinping. Both the onshore and offshore yuan jumped in morning trade, with the onshore spot price hitting a high of 6.3666 per dollar, the strongest since June 1, before changing hands at 6.3726 at midday, up 0.18% from previous late night close. Its offshore counterpart also leapt to 6.3616 at one point, the loftiest since June 1. The virtual meeting here between top officials from Beijing and Washington prompted some investors to raise their bets for improvements in bilateral relations and chances of partial tariff removals, traders said. Trade disputes between the world's two largest economies have been one of the key factors influencing the yuan and broad financial market sentiment over the last few years