Label lost…the offshore yuan surges to its highest level in half a year after the U.S. ceases calling Beijing a currency manipulator, just a day ahead of the expected signing of the Phase 1 trade deal in Washington. Asian shares rise to seven-month peaks on the positive sentiment generated, which has seen Chinese trade data post better-than-expected gains in December. In the U.S., the Nasdaq and S&P 500 are also in the green, reaching fresh record highs buoyed by tech stocks but it’s the big Wall Street banks in the spotlight at the start of earnings season. And in telecom news, U.S. officials voice their anger at UK ‘madness’ ahead of a key decision on whether to allow the Chinese tech giant Huawei access to Britain’s launch of 5G.  

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