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Peso strengthens as US-China tensions ease


The Philippine peso strengthened against the US dollar for the second consecutive trading day on Wednesday, as concerns regarding the trade tensions between China and the United States continued to ease.

The local currency gained 5.5 centavos to close at P52.715:$1 versus Tuesday's P52.77:$1.

"The local currency strengthened further amid easing US-China trade concerns after the two countries were considering the next stage of trade talks and following the latest bail of the Huawei CFO," Guian Angelo Dumalagan, market economist at the Land Bank of the Philippines, said in a text message.

This comes after Chinese Vice Premier Liu He exchanged views on the next stage of trade talks with US Treasury Secretary Steven Mnuchin, and Trade Representative Robert Lighthizer.

In a separate text message, Bank of the Philippine Islands (BPI) chief economist Emilio "Jun" Neri Jr. said the peso, along with other regional currencies, was mostly stronger against the dollar on Wednesday.

"EM Asia foreign exchange was generally stronger vs. USD today after China announced they plan to lower tariffs on US car imports," he explained. — RSJ, GMA News

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