China's yuan falls against dollar, helping exporters

23 July, 2018, 12:43 | Author: Natasha Holloway
  • US dollar down on as Trump makes fresh threats vs China

The hats are being produced for Trump's 2020 re-election campaign despite his campaign official's claims that all of their merchandise is made in the U.S.

Those and other Trump comments criticising Federal Reserve interest rate hikes caused the dollar to fall back in the United States on Thursday.

Speaking on the bid period, he said authorised Dealers were requested to submit their customers' bids from 9.00 am to 12.00 pm on Friday July 20, 2018, adding that bids received after this time would be disqualified. Earlier this month the USA placed import taxes on $34 billion in goods imported from China and Beijing responded in kind.

A continued slide would be a growing concern for competing Asian exporters such as Vietnam, Biswas said. A weaker yuan risks increasing trade tensions with the Trump administration, which has repeatedly accused China of keeping its currency artificially weak to support its huge export industry.

But the yuan declined further Friday as the People's Bank of China (PBOC), which sets the yuan's daily trading band, weakened the rate by the widest amount in two years.

Over the past three years, Beijing has gradually widened the narrow band in which the yuan is allowed to fluctuate, though regulators intervene regularly to guide its movement.

"The central bank wants to use the currency movements to achieve internal and external economic balance".

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The China Global Television Network has released a video to address the tariffs imposed on American soybean exports.

The Canadian dollar had a great day, jumping almost a full cent to 76.17 cents (U.S.), thanks to the pullback in the us dollar and a hotter-than-expected reading in USA inflation.

When asked about the stock market possibly falling if the U.S. imposes duties on such a large amount of goods, Mr Trump said: "If it does, it does".

Even traditional safe havens, such as the Japanese yen and Swiss francs, which usually would benefit from global risk-off, suffered losses compared with the U.S. dollar. The euro increased 0.8 percent to $1.1729.

When it comes to the Yuan's downturn against the Dollar, Trump has thus far pointed all fingers at China. That required it to spend up to tens of billions of dollars a month from Chinese foreign currency reserves. China said on December 29, 2016 it would nearly double the number of foreign currencies it uses to determine the official value of the yuan, thereby diluting the role of the dollar. The stock climbed 1.8 percent to $106.31. The Chinese government could also make it harder for United States companies to operate in China.

Among companies reporting results, Microsoft won 1.8 per cent after reporting a 10 per cent rise in quarterly profit to US$8.8 billion behind strong revenue gains in internet search ads, gaming, Windows and other key businesses. Rufus Yerxa, president of the National Foreign Trade Council and formerly deputy director general of the World Trade Organization, said President Trump appears to think that America's trading partners will yield to pressure without securing any concessions in return.

Beijing was forced to tighten controls on outbound investment and spend reserves after a change in the exchange rate mechanism in August 2015 prompted fears of a devaluation.



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