Yuan rises past key 7/dlr after China and U.S. agree to cancel existing tariffs

SHANGHAI, Nov 7 (Reuters) - China’s onshore and offshore yuan strengthened past the key 7 per dollar level on Thursday afternoon, driven up after the commerce ministry said both Beijing and Washington have agreed to cancel the additional tariffs imposed during their months-long trade war in different phases.

Onshore yuan jumped to a high of 6.9840 at one point, the strongest level since Aug.2. It traded at 6.9908 as of 0752 GMT, when its offshore counterpart was changing hands at 6.9924.

China’s commerce ministry also said both sides must simultaneously cancel some existing tariffs on each other’s goods to reach a “phase one” trade deal. (Reporting by Winni Zhou and Andrew Galbraith)