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The USD/CNY and USD/CNH currency pairs have become quite volatile and the 7.00 mark remains a critical level for now. However, trade headlines is still the key catalyst, according to the latest research report from Commerzbank.
Eventually, China seems to have set its price for the trade deal on the deal, which according to the state media is "to remove tariffs proportionally and simultaneously". China said whether the deal is complete or not depends on progress of tariff removal.
International media also reported that China demands the US to remove tariffs on some USD110bn worth of goods (began September 1, 2019) and lower the tariff rates (at 25 percent currently) for USD250 billion worth of goods (began in 2018), as a condition for the "Phase One" deal, the report added.
China's target is seemingly to eliminate 60 percent of the currently imposed tariffs (certainly, the scheduled December 15 tariff should be called off). Question mark remains as Trump keeps unusually quiet on this topic.
