U.S. government debt prices were higher Wednesday morning, after China announced a slightly weaker-than-expected midpoint for the yuan, which could spark further criticism from the U.S.
Investors have been rushing into safer assets like U.S. government bonds since last week amid market concerns over U.S.-China relations. The U.S. 10-year Treasury yield, which influences mortgages and other loans, broke under the 1.7% benchmark on Monday — its lowest level since November 2016.reference for the yuan at 6.9996 on Wednesday, slightly weaker than what markets anticipated. Beijing allows the yuan to trade within a narrow band of 2% from each day's midpoint.
This comes after the United States declared that China was a currency manipulator – a step that hadn't been taken since the Clinton administration and escalated tensions among the two countries.Traders will also monitor a speech by Chicago Fed President Charles Evans at 9:30 a.m. ET.--- CNBC's Joanna Tan contributed to this report
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