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China-backed infrastructure bank AIIB to start local currency financing amid trade war, forex concerns

The Beijing-headquartered Asian Infrastructure Investment Bank (AIIB) will soon conduct financing activity in local currencies, in response to significant demand from member countries amid an escalating trade war between China and the United States and related uncertainties, it said on Monday.“From the second half of this year, we are going to start piloting local currency financing, in currencies such as the Indian rupee and the Indonesia rupiah, for example,” Danny Alexander, the bank’s vice… Source link

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Singapore 

US addition of Malaysia, Singapore to ‘monitoring list’ over currency practices met with ridicule , World, Singapore News

The United States’ move on Wednesday to include Southeast Asian economic powerhouses Malaysia, Singapore and Vietnam on a list of countries it is scrutinising for unfair currency practices has been met with strong official pushback – as well as a healthy amount of ridicule from analysts. While nine countries – including China, and US treaty allies Japan, Germany and South Korea – were named on the latest list of countries requiring extra attention, none were identified as currency manipulators. Some regional observers questioned whether the inclusion of the Southeast Asian…

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Vietnam 

Việt Nam willing to work with the US on currency issues: SBV – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  State Bank of Việt Nam’s headquarters in Hà Nội. Photo SBV HÀ NỘI — The State Bank of Việt Nam (SBV), in conjunction with other Vietnamese ministries and agencies, will continue to share information with the US Treasury Department and co-operate to tackle issues of concern. The SBV released the statement on Wednesday after the US Treasury on Tuesday added Việt Nam to its currency manipulation watchlist. The Vietnamese central bank said it would continue to regulate monetary policy to control inflation, stabilise the macro-economy and support economic growth at a reasonable…

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Vietnam 

US Treasury again says China is not manipulating currency – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The US Treasury Department’s headquarters in Washington. — Photo wsj.com The US Treasury expanded the number of countries subject to scrutiny in a semi-annual report released on Tuesday, but again found that neither China nor any other trading partners was manipulating its currency. Treasury urged the Asian giant to avoid allowing the renminbi (RMB) to weaken persistently — which would give its products more competitive advantage. Germany remained on the US “monitoring list” due to its large trade surplus, as did Japan and South Korea, indicating they “merit close attention…

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Singapore 

MAS says it does not engage in currency manipulation after US places Singapore on watch list, Business, Singapore News

SINGAPORE – The Monetary Authority of Singapore (MAS) said it does not use currency manipulation to gain an export advantage, in response to a United States Treasury report that put Singapore on a watch list with four other countries. The report released on Wednesday (May 29) said the Republic made estimated net foreign exchange purchases of at least US$17 billion (S$23.45 billion) in 2018, equivalent to 4.6 per cent of gross domestic product (GDP). In a statement, MAS said Singapore’s monetary policy framework, which is centred on the exchange rate,…

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Vietnam 

US won’t label Việt Nam a currency manipulator – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The đồng is among the steadiest currencies in ASEAN. — VNA/VNS Photo HÀ NỘI — The US is refraining from labelling Việt Nam a currency manipulator based on new data the country had provided to the Treasury Department, Bloomberg reported late last week, citing a person familiar with the matter. Earlier, it was reported that Việt Nam had been at risk of the designation amid plans by President Donald Trump’s administration to lower the threshold for labelling potential manipulators. The latest news came after in recent weeks, Việt Nam provided…

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Global 

China would not fall foul of US proposal to penalise currency manipulators, analysts say

China is unlikely to be too concerned over a proposal from the United States to impose tariffs on products from countries that it finds are manipulating their currencies, analysts said.While the proposal which was announced last week does not name China or any other country, its timing suggests that it is aimed at Beijing and the possibility that it could allow its currency to fall against the US dollar to offset the impact of new US trade sanctions.Under the proposed rule, so-called… Source link

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China 

China talks up the value of yuan as Donald Trump’s trade war hits currency rate

China is unlikely to allow the yuan to fall below the psychologically important level of 7.00 against the dollar, at least in the near term, judging by statements made by its top foreign exchange regulator on Sunday.Pan Gongsheng, chief of the State Administration of Foreign Exchange (Safe), said that the yuan’s value is strongly supported by the country’s economic and financial fundamentals. Pan talked up the value of the yuan at a time when an escalating trade war between China and the United… Source link

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Currency traders poised to pounce as US trade war keeps the Chinese yuan weaker

For participants in the currency market, trade wars offer plenty of moneymaking opportunities. The decision of the Trump administration to raise the stakes in the China-US trade war is one such opportunity.Given reignited China-US trade tensions, the foreign exchange market may logically expect renewed and sustained yuan weakness, and that Beijing might well be inclined to tolerate some decline in the renminbi’s value to partially counter the effect of Washington’s tariff hikes on Chinese… Source link

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China 

China closes online currency regulation loopholes to ease fears over foreign exchange transactions

China has upgraded a set of “provisional guidelines” into mandatory rules covering its 134.7 billion yuan (US$20 billion) of online cross-border foreign currency transactions, as worries about the possibility of large capital outflows continue to haunt the world’s second largest economy.The State Administration of Foreign Exchange (SAFE) announced on Monday that it will require all the cross-border payment businesses, which mainly provide services for individuals and corporations using e… Source link

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