BEIJING - By labelling China a"currency manipulator" following Washington's threat to impose 10 percent tariffs on another $300 billion of Chinese goods from Sept 1, the US Treasury Department has dealt another serious blow to bilateral ties.
On Jan 1, 1994, the Chinese government removed the official peg of the yuan and allowed it to float freely, which reflected its market value as determined by a national average based on the different rates of the"swap centres" across the country. The Chinese government used only pragmatic policies to build its foreign exchange reserves and prevent the yuan's devaluation, which widened the scope for currency trade without opening the door to the risks associated with convertibility.
Consequently, the same US institutions that label China a"currency manipulator" insist that the yuan cannot be a global reserve currency unless it becomes fully convertible. For instance, China should first have direct agreements with key countries that are part of the Belt and Road Initiative where China has made huge investments in infrastructure to use the yuan to settle transactions.
This controlled convertibility of the yuan within a band of existing economic alignments and arrangements is consistent with the use of a currency within a controlled space and framework.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Donald Trump tweets China wants a trade deal ‘so badly’, ahead of next round of talks in WashingtonDonald Trump has insisted that China “badly” wants a trade deal even though talks in Beijing turned to the prospect of a protracted and wider confrontation.On Saturday the US president tweeted that “China wants to make a deal so badly. Thousands of companies are leaving because of the Tariffs, they must
Source: YahooSG - 🏆 3. / 71 Read more »
Versace apologises after T-shirt triggers fierce criticism in China[HONG KONG] Italian luxury label Versace and its artistic director Donatella Versace apologised on Sunday after one of the company's T-shirts was widely criticised on social media in China for identifying the Chinese-controlled territories of Hong Kong and Macau as countries. Read more at The Business Times. I think there are a lot of people in Hong Kong and Macau who don't want to be a part of China, because if they get fully integrated they'll lose a ton of freedoms. Versace acquiescing to Chinese rightspeak is crass and motivated by money. It’s been 22 years, HK is China, Taiwan 🇹🇼 is a country. SoooStupid
Source: BusinessTimes - 🏆 15. / 51 Read more »
Asian shares falter as US-China trade war, recession worries weighAsian shares fell on Monday morning, while gold prices held firm as investors worried a prolonged Sino-U.S. trade war could tip the world and U.S.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
China is saving stimulus for trade war winter as yuan weakens[YICHUN, China] Chinese policy makers are holding back from rolling out the big guns of monetary stimulus, keeping options in reserve as the trade standoff with the US risks morphing into a global currency war. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Would China risk another Tiananmen in Hong Kong?BEIJING (AFP) - While China might be exploiting fears of a bloody 'Tiananmen' crackdown on Hong Kong's protest movement, analysts say the potentially catastrophic economic and political consequences will deter Beijing from any overt boots-on-the ground intervention.. Read more at straitstimes.com. Thats not gonna happen man
Source: The Straits Times - 🏆 8. / 63 Read more »
Death toll in eastern China rises to 32, as typhoon moves northSHANGHAI • The death toll from a major typhoon in eastern China rose to 32 yesterday, with 16 people missing, state broadcaster CCTV reported.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »