The domestic currency was little changed against other major currencies, at 65.76 U.S. cents from 65.80, but after peaking at 66.05 cents before the yuan's devaluation.
HONG KONG/SHANGHAI, May 14 (Reuters) - Chinese stocks closed weaker on Tuesday due to the escalating Sino-U.S. trade war, though prices recovered from early lows on suspected state-backed buying and comments from U.S. President Donald Trump that raised hopes of a deal between the two sides. The trade-weighted index rose to 72.13 points from 72.03, again reflecting the change in the yuan's value.
The Chinese yuan dropped to its lowest levels against the USA dollar in four months Monday as the latest round of trade talks between the world's two biggest economies failed to produce a deal and both nations imposed new tariffs on each other's goods.
The offshore yuan climbed on Trump's comments, rebounding from a four-month low in early trade to 6.8943, up 0.26 percent on the day, while the onshore yuan firmed 0.1 percent against the greenback to 6.8737.
"It's lost 2 percent against the U.S. dollar so far this month and we're not even half way through the month", says Peter Cavanaugh, the senior client advisor at Bancorp Treasury Services.
"There could have been state buying in early morning trade when there panic selling was evident", said a second Shanghai-based analyst, who did not want to be named.
China effectively runs two exchange rates, one inside China and the other outside it, often referred to as the renminbi.
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While Trump talks as if tariffs are paid to the USA by China, his chief economic advisor, Larry Kudlow, told Fox News on the weekend that it is United States consumers and companies that pay the impost. In new developments, Trump called on the Federal Reserve to "match" what he said China would do to offset economic hardship being caused by tariffs.
According to US media reports, Trump said at a dinner party at the White house on Monday that he thinks that the U.S.
Kudlow replied: "Fair enough". During the trade talks with China Washington, many times said that it would impose new tariffs on Beijing in case of further devaluation of yuan. While there was a surprise decline in the rate of United Kingdom unemployment to a fresh four decade low 3.8%, average earnings growth fell more-than-expected.
Yields on 10-year Treasuries fell as much as five basis points to 2.41 per cent, the lowest level since March 29.
Upon further pressing from Wallace, Kudlow acknowledged that while China may suffer from the tariffs, it is in fact USA businesses and consumers that have to pay for them.
The dollar was 0.15 percent lower at 109.790 yen, near a three-month low of 109.470 brushed late last week.