Vietnam 

Yuan price reduction affects on local industry: experts – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    A worker of Đình Vũ Polyester Fibre Plant in the northern port city of Hải Phòng.  The depreciation of Chinese yuan against the US dollar brings more difficulties to Việt Nam’s yarn industry. Photo tapchicongthuong.vn HÀ NỘI – The sudden depreciation of Chinese yuan against the US dollar brings more difficulties to Việt Nam’s yarn industry, according to Việt Nam Textile and Apparel Association. Việt Nam imports cotton from the US to make yarn products for export to China. If the yuan continues to…

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Global 

China’s yuan exchange rate drop could roil already strained Hong Kong-protest hit economy

Hong Kong’s economy, already straining under the weight of anti-government protests as well as the US-China trade war, is now set to feel the pressure of a weaker Chinese yuan.Retailers, restaurants, hotels and real property agents will be the first to feel the impact after the Chinese currency fell below the key level of 7 to the US dollar last week for the first time in 11 years. It is set to depreciate further, and with the Hong Kong dollar pegged to the US dollar, it makes visiting the city……

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China 

China pledges not to devalue yuan exchange rate after US currency manipulator designation

China will neither devalue the yuan nor change the way it manages the Chinese currency exchange rate after the United States designated it as a currency manipulator last week, according to China’s foreign exchange administration chief.The US Treasury officially designated China as a currency manipulator on Monday after Beijing allowed the yuan to weaken beyond the key threshold of 7 to the US dollar after having defended that level for more than a decade.But China will stick to its “managed… Source link

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Vietnam 

China’s prolonged falling yuan may harm Việt Nam’s trade – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  The Vietnamese currency value has been almost unchanged in the last three months, while the yuan has depreciated by about 4 per cent against the US dollar. — Photo chinafocus.com Mai Hương HÀ NỘI – China’s yuan (renminbi) has remained above the sensitive level of seven to the US currency for the last three days, hinting that trade friction between the US and China is entering a dangerous phase. The escalating tension between the two world powers is predicted to have negative impacts on Việt Nam’s trade in the short…

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Home 

China says ‘no such thing’ as currency manipulation despite US claim it depreciated yuan exchange rate

China’s central bank flatly rejected the charge from the United States that it is a currency manipulator, instead accusing Washington of adopting protectionist, unilateral actions which run counter to international rules and negatively affect the global economy.The US quickly labelled China after the yuan fell below the key threshold of 7 to the US dollar on Monday, a level the PBOC had previously defended. It was the first time it had fallen below the psychologically important level since 2008… Source link

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Home 

China’s central bank signals move to shore up yuan, de-escalate ‘weaponising’ currency after 24 hours of mayhem on global markets

China’s central bank will sell 30 billion yuan (US$4.3 billion) worth of short-term yuan denominated securities in Hong Kong next week, signalling its plan to absorb offshore liquidity and cushion against further depreciation of its currency versus the US dollar.The People’s Bank of China (PBOC) unveiled the plan in a statement on its official website at 9am on Tuesday, saying the operation would commence with the issuance of central bank bills in Hong Kong on August 14.“It is a clear message… Source link

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Home 

US formally declares China a currency manipulator after it allows yuan to drop

The United States Treasury officially designated China a currency manipulator late Monday afternoon, after Beijing let the yuan sink to its lowest level in 11 years in apparent retaliation to threats of more tariffs by US President Donald Trump.The Treasury, which had previously held off such a determination despite repeated accusations by Trump that Beijing was manipulating its currency, made the announcement at the end of a day that saw US stocks plummet after the yuan’s weakening and an… Source link

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Global 

US stocks nosedive as yuan falls to 11-year low, stoking fears of escalating trade war with China

US stocks nosedived in morning trading on Wall Street on Monday as China’s currency fell sharply and stoked fears that the trade war between the world’s two largest economies would continue escalating.China let its currency, the yuan, sink to an 11-year low against the dollar and under the politically sensitive level of seven per dollar. A weaker Chinese currency can help boost the country’s exports while hurting foreign competition.The US has long complained about the weakness of China’s… Source link

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China 

China’s ‘weaponised’ yuan, report of suspended US farm purchases create grim outlook for trade talks

China’s move to allow the yuan to drop below the level of 7 to the US dollar to “effectively weaponise the exchange rate”, coupled with a report of cancelled purchases of American farm products in response to the threat of increased tariffs from US President Donald Trump, create further uncertainty for future trade talks, analysts said.On Monday morning, the yuan offshore rate dropped below the level for the first time since trading started in Hong Kong in 2010, while the onshore rate reached… Source link

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Money 

China’s yuan weakens below 7 to the US dollar as Donald Trump’s tariff threat weighs heavy

China’s yuan exchange rate weakened below the psychologically important level of 7 to the US dollar in both onshore and offshore markets on Monday, with the country’s central bank saying the drop was caused by “expectations of more tariffs on China”.It is the first time that the yuan has dropped below the level since offshore trading started in Hong Kong in 2010, and the lowest in the onshore market since April 2008, signalling the possibility of a currency war with the United States.The drop… Source link

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