US stocks are trading higher today as China joins in the stabilization of the Yuan, easing concerns that currencies will be the latest weapon in the long trade war. It all comes a day after Wall Street suffered its worst loss in 2019.
The Chinese intervention came after the US Treasury designated Beijing as a currency manipulator, allowing the yuan to fall to its lowest levels since a decade earlier this week.
The sharp decline in the Chinese currency led the S&P 500 and Nasdaq to record a record sixth consecutive loss session, losing at least 3% each in the previous ones.
China's move to fix the yuan at a slightly stronger pace, and White House Economic Advisor Larry Kudlow's comment that President Donald Trump plans to host a Chinese delegation for further talks in September, alleviated fears of further escalation in the trade war.
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