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Peso firms on US delay of China tariffs


The Philippine peso appreciated against the greenback on Friday as US President Donald Trump's decision to delay additional tariffs on Chinese goods.

The local currency gained 3 centavos to close at P51.91:$1 from 51.93 on Thursday.

"The peso continued to be stronger vs. the US dollar, though slightly today, after the Trump Administration is looking at an interim/limited trade deal with China that would delay or roll back some tariffs provided that China increase purchases of US agricultural products and protect US intellectual property rights," Rizal Commercial Banking Corp. chief economist Michael Ricafort said.

"Thus, this has supported the latest gains in the global financial markets including the peso," Ricafort said.

Trump agreed to delay increased tariffs on billions worth of Chinese goods for two weeks after China exempted tariffs on a basket of US imports and promised to buy more US agricultural products.  

Markets worldwide rose as China and the United States made concessions ahead of next month's planned talks in Washington, aimed at easing a trade war that has whipsawed markets and stoked recessionary fears for months. — RSJ, GMA News

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