05.11.201907:18:00UTC+00Chinese Yuan Climbs To 3-month High Against U.S. Dollar

The Chinese yuan gained ground against the U.S. dollar in Asian trading on Tuesday, as progress in U.S.-China trade talks raised hopes of an imminent preliminary deal by this month.

Media reports suggested that China is pushing U.S. President Donald Trump to remove some tariffs on Chinese goods as part of a "phase one" U.S.-China trade deal.

The yuan advanced to 6.99 against the greenback, its highest since August 5. The yuan is seen finding resistance around the 6.8 mark.

The People's Bank of China set today's central parity rate of the yuan at 7.0385 per dollar, compared to Monday's rate of 7.0382. The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.