Asian share markets inched cautiously higher on Monday as investors anticipated developments on proposed China-US trade talks. Meanwhile, the Chinese yuan rallied away from dangerous lows.
MSCI’s broadest index of Asia-Pacific shares excluding Japan increased 0.4 percent, while Shanghai blue chips steadied 0.2 percent.
Moves were slight in Japan, with the Nikkei off 0.3 percent in thin trade, while the S&P 500 e-minis edged up 0.05 percent.
The yuan hit its highest in a week at 6.8512 per dollar, with Beijing acting to prevent a test of the psychological barrier 7.0000 level.
Investors were also pushed news that China and the United States will hold lower-level trade talks this month, offering hope that they might resolve an escalating trade war.
Reports indicated that talks with Washington would roll on August 21 and 22, just prior to US tariffs on $16 billion of Chinese goods take effect.
The US Trade Representative’s office stated on Friday that it doubled the length of tariff hearings on the next $200 billion worth of Chinese goods to six days from the previously planned three due to the tremendous demand from companies to testify.