The equities rally followed a US-China trade deal at the G20 summit in Argentina calling for a 90-day trade tariff truce. Oil prices jumped nearly 4%.
yuan
Rupee Slump to Push India to Seek Yuan Trade Settlement
The plan would enable direct convertibility between the rupee and yuan and will help cut transaction and hedging costs, the people said, asking not to be identified citing rules. The proposal would allow Indian exports of pharmaceuticals, oilseeds and sugar to China to be settled in rupee, while keeping out trade in high volume products such as electronics, they said.
US-China Trade War is Helping to Boost use of Yuan in International Transactions – GSR
The trade war initiated by the United States is actually helping China achieve one of its coveted long-term financial goals – the greater use of its currency, the yuan, in international commerce and financial transactions.