Dollar gains versus yen as risk appetite improves after Xi speech

The dollar bounced against the yen on Tuesday, with broader risk appetite improving after a speech by Chinese President Xi Jinping promising to cut import tariffs eased concerns about a trade conflict between the world’s two largest economies.

Speaking at a Boao Forum for Asia in Hainan province, Xi pledged to open the country’s economy further and lower import tariffs on products including cars.

Trade conflict worries ebbed after Xi was seen to have refrained from upping the ante between Washington and Beijing in his first public reaction to the tariff standoff on Tuesday.

Xi also said China’s reform and opening up will definitely succeed and that a Cold War mentality, zero-sum thinking, and isolationism would hit walls.

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