Wednesday, 21 August, 2019

China lowers yuan's trading range but currency stabilizes

Strategist Market fears are overblown Tariffs Cost US Businesses $3.4 Billion in June
Russell Knight | 11 August, 2019, 07:10

In point of fact, after experiencing a havoc-scale volatility in the currency market amid a flurry of uncertainties, currency markets calmed down and volatility gauge seemed to be weakening after China set midpoint rate for its currency at 7.0039, however, the midpoint price for offshore Yuan had still been in its weakest level in more than a decade. The yuan was the world's dullest currency only a few weeks ago, even as tensions with the USA on trade suddenly escalated. 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.

China's central bank on Thursday set its official yuan midpoint below the key seven to the dollar threshold for the first time since global financial crisis. China followed that up by ceasing the purchase of agricultural products from the U.S.

The report also quoted Wang Chunying, chief economist and spokeswoman of China's State Administration of Foreign Exchange, who said, "China will maintain the continuity and stability of foreign exchange management policies". Analysts said there was no "shock value" from printing a 7-mark, as this happened Monday when the forex market hoisted spot CNY above the 7 and the Chinese central bank did not avert such upward move.

The US Treasury then declared China a currency manipulator, after the yuan lost value in the face of the new round of tariffs due to take effect Sept 1.

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"No I wouldn't do that", Mr Trump said when asked if he wanted to devalue the dollar.

Imposing tariffs is Trump's tactic to get China to negotiate faster. China's economy is slowing - partly because President Donald Trump has slapped tariffs on $250 billion worth of Chinese imports - and market pressures are pulling the currency down. Twelve rounds of talks have failed to end the impasse, and a Chinese delegation is expected in Washington next month to continue the negotiations. When this trade war started, no one thought that China would do something like that, but now the trade war has been turned into a currency war.

"The Chinese government is trying to masquerade the impact that these tariffs are having on the Chinese economy".

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