United States shies away from calling China ‘currency manipulator’
18 October, 2018, 18:36 | Author: Brooke Harris
China's Ambassador to the U.S. Cui Tiankai told "Fox News Sunday" host Chris Wallace that there is no trade war between the two countries, but then seemed to contradict himself by claiming America started it. Or is it a reasonable market penalty for the potential damage to China's economy should the trade dispute with the United States drag on?
Since the Treasury's last currency report was issued on April 13, the yuan has fallen by more than 9 per cent against the U.S. dollar.
"The overall falling trend of total social financing growth remains unchanged, and the loosening of the credit situation that the market has been waiting for has not yet emerged".
Japan's Nikkei average was flat, and appeared to struggle for headway. The report also recommended steps the United States can take to address the problems identified in the Memorandum.
The dollar index, which measures its value against six major peers, last traded at 95.703, little changed on the day, after rising to a fresh one week-high earlier in the day.
Beijing's lack of transparency and the recent weakness of the yuan continued to pose major challenges to achieving "more balanced trade", Treasury Secretary Steven Mnuchin said in a twice-yearly report on the foreign exchange policies of major United States trading partners.
Zhang Baohui, a professor of political science at Lingnan University in Hong Kong, said that America's departure from the UPU was part of US President Donald Trump's strategy for the "all-out containment" of China but its significance, in comparison to the damage caused by US tariffs on Chinese imports, would be limited.
President Donald Trumpargues that the 144-year-old agreement benefits China and other countries at the expense of U.S. businesses - making it cheaper to ship packages from Beijing to NY than from San Francisco to the U.S. East coast, which particularly benefits Chinese manufacturers.
But one thing is certainly possible, a freely traded yuan might be even lower against the dollar than it actually is.
But some investors remain wary of a slide towards the psychologically important level of 7 to the dollar. President Donald Trump's administration said the treaty has proven unfair to US business because Chinese shippers pay 20 cents for every $1 American companies pay to distribute packages in the United States. "So if there's no meaningful development, other than longer transition period, the pound could come under short-term selling pressure", said Tohru Sasaki, head of markets research at JPMorgan Chase Bank in Tokyo. "It is often possible for a Chinese company to sell "knockoff" products through online vendors, such as Amazon or Alibaba, to US consumers for less than it costs for American mailers to ship authentic goods".
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