China hasn't manipulated its currency — International Monetary Fund contradicts Trump

China hasn't manipulated its currency — International Monetary Fund contradicts Trump

China hasn't manipulated its currency — International Monetary Fund contradicts Trump

China does have a history of keeping the yuan weak to boost exports, although in recent years it's actually worked to prop up the currency.

"China wants to make a deal so badly". "We have all the cards". "China is the one that suffers far more harm than what might be inflicted on us".

"Whether or not they're cancelled, we'll see", Mr Trump said. The yuan's biggest slump since 2015 spurred panic all over the world, prompting accusations from the US that China was manipulating the exchange rate as tool to fight the trade war.

The four living former chairs of the U.S. Federal Reserve this week signed a joint call insisting on the independence of the central bank, in remarks taken as directed against the president. Shares recovered somewhat but still closed in the red. That came days after President Donald Trump announced he would impose new tariffs of 10 percent on $300 billion of Chinese imports, to take effect of September 1.

Mr Trump again accused the country of "depressing their currency", but his comments on the trade talks sent the exchange rate even lower. The currency of China has also weakened for the time in the last 11 years in comparison with the U.S. dollar, according to the experts it could be strategy 0f the country to boost its export.

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Instead, it's about letting your friends watch you play games as you all chat about what's happening, just like the good old days (kind of).

James Daniel, the IMF's mission chief to China, said the situation "requires some kind of response". "China has devalued its currency by over 10% with the express goal of neutralizing tariffs, full stop".

The central bank has assured companies it will not permit sharp declines to continue and the exchange rate will be kept stable.

Stephen Moore, distinguished visiting fellow at Washington-based think tank The Heritage Foundation and a senior adviser to Trump's 2016 presidential campaign, said devaluing the yuan is a short-term strategy to neutralize the effects of USA tariffs.

The Fed raised the benchmark United States interest rate four times past year, a total of a full percentage point, but pulled back with a rate cut last week.

Yuan traders are finally moving on from the 7-per-dollar complex that has gripped the market for years.

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