May 15, 2019 / 8:29 AM / a year ago

YUAN-TURNOVER/-Offshore yuan daily turnover surged to record last week-EBS

LONDON, May 15 (Reuters) - Average daily turnover in the overseas-traded Chinese yuan surged to a record last week, as trade tensions between the world’s two biggest economies escalated, according to data from multi-dealer currency platform EBS.

Average daily turnover in spot transactions rose by 118% from the April average, data provided to Reuters showed on Wednesday. EBS did not provide data on volume.

“Turnover remains strong as trade tensions remain high,” said Jeff Ward, global head of NDFs and Forwards and head of FX Asia for EBS.

The spike in trade tensions has sent the yuan down nearly 3 percent to a 2019 low of 6.90 against the dollar in less than two weeks.

In an unexpected move, U.S. President Donald Trump turned up the heat on Beijing on the trade dispute front by threatening tariffs on billions of dollars of Chinese imports last week.

While China said it would impose higher tariffs on most U.S. imports on a revised $60 billion target list that is a much shorter list compared with the $200 billion of Chinese products on which Washington has hiked tariffs so far.

Reporting by Saikat Chatterjee; editing by Sujata Rao

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