The Canadian dollar clawed back much of its decline against its U.S. counterpart on Monday as investors weighed the possibility of Canada achieving a reprieve from U.S. tariffs, with the currency rebounding from an earlier 22-year low.

The Canadian dollar reacted as well, dropping to a 22-year-low against the American dollar at US$0.6854. But after U.S. President Donald Trump announced a 30-day pause of tariffs against Canada and Mexico, citing new border security measures in the two countries, the dollar has rebounded sharply.

The value of the Mexican peso and Canadian dollar jumped Monday after officials from both countries said President Trump agreed to [delay wide-ranging U.S. tariffs by a month](

The Canadian dollar dropped to its lowest level in nearly 22 years on Sunday after U.S. President Donald Trump imposed new tariffs on Canada, Mexico, and China. The tariffs, effective Tuesday, levy 25% on Canadian

The Chinese yuan edged up 0.23% to 7.287 per dollar in offshore trading. There is no official yuan trading until Wednesday, with mainland markets still closed for Lunar New Year festivities.

Trump declared an economic emergency in order to place duties of 10% on all imports from China and 25% on imports from Mexico and Canada.

By Tom Westbrook SINGAPORE (Reuters) -Hong Kong shares hit two-month highs, U.S. equity futures rose and currencies swung to-and-fro in big ranges as investors scrambled to keep up with sudden changes in U.