Risk currencies jump on report Joe Biden likely to ease China tariffs

American President Joe Biden is expected to roll back some tariffs on Chinese imports soon, The Wall Street Journal reported

Expectations of easing trade tensions between the US and China boosted the offshore yuan and other risk currencies. 

American President Joe Biden (pictured) is expected to roll back some tariffs on Chinese imports soon, The Wall Street Journal reported. 

According to people familiar with the situation, the report said, what comes next has been pending with  Biden in recent weeks and that he could announce his decision this week.

It could include a pause on tariffs on consumer goods such as clothing and school supplies, as well as launching a broad framework to allow importers to request tariff waivers. 

Following the report, the Chinese currency strengthened as much as 0.3 per cent to 6.6807 per dollar. 

The Australian and New Zealand dollars climbed to session highs against the greenback.