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Yuan weakness being watched for signs of manipulation: Mnuchin

“Treasury Secretary Steven Mnuchin reportedly said Friday that the U.S. was monitoring recent weakness in China’s yuan CNYUSD, +0.0473% CNHUSD, +0.1844% for any sign of currency manipulation, saying that weakness unquestionably “creates an unfair [trade] advantage.”” writes Managing Editor for marketwatch.com. Mnuchin reportedly said in an interview with Reuters in Brazil that recent movement in the yuan would be assessed in the Treasury’s semiannual report on currency manipulation. Source: marketwatch.com Share This:

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US Treasury Secretary Mnuchin watching Chinese yuan weakness for manipulation

“The United States is monitoring the recent weakness in China’s yuan currency and will review whether the currency has been manipulated, Treasury Secretary Steven Mnuchin told Reuters on Friday” writes unknown author for cnbc.com. Mnuchin said in an interview in Sao Paulo, Brazil, that the yuan’s weakness would be reviewed as part of the U.S. Treasury’s semi-annual report on currency manipulation.Mnuchin said the reason for applying the label on China is partly because the yuan had been rising or stable until earlier this year.Mnuchin’s comments raised the specter of designating…

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Trade war risks becoming a dangerous currency war as China weakens yuan the most in 2 years

“On the surface, the tit-for-tat trade war between the U.S. and China appears to be turning into a currency war” writes unknown author for cnbc.com. But some market pros believe if trade wars begin to impact the economy, the Fed rate hikes will slow down.Strategists said the trade war appears to be moving toward a currency war, but whether it becomes one has yet to be seen.Trump told CNBC that trade partners are “making money easy and their currency is falling.”.  Source: cnbc.com Share This:

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China weakens yuan by most in 2 years

“The People’s Bank of China set the dollar’s reference rate at 6.7671 yuan, guiding the Chinese currency 0.9% lower” writes Saumya Vaishampayan for marketwatch.com. Once trading began in mainland China, the yuan also fell to the lowest level in more than a year.China weakened the yuan by the most in two years on Friday, hours after President Donald Trump called out the currency’s slide. Sharp declines in the yuan that year also triggered capital outflows that China struggled to control.”China, their currency is dropping like a rock,” Mr. Source: marketwatch.com Share…

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Asian stocks choppy, sentiment shaken by sliding yuan

“Lastly, a weaker yuan deepens trade war concerns.”” writes Midwest Communications Inc for 95kqds.com. First, a weaker yuan challenges the competitiveness of other Asian economies,” said Shusuke Yamada, currency and equity strategist at Bank of America Merrill Lynch in Tokyo.The dollar index against a basket of six major currencies stood little changed at 95.178 after being knocked down from 95.652, its highest level since July 2017.”The weaker currency also causes fears of capital leaving China and disrupting their capital markets, which could have knock-on effects on Asia.With China showing little…

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The Chinese yuan’s sell-off is accelerating and there’s no sign of Beijing stepping in

“REUTERS/Jon Woo The Chinese yuan is continuing to unravel, falling to a one-year low against the greenback on Thursday” writes Business Insider Australia for businessinsider.com. The Chinese yuan fell to its lowest level versus the dollar in over a year.”Earlier this year, yuan weakness reflected moderating Chinese economic fundamentals versus the majority of its trading partners, a strong USD, and narrowing yield differentials between it and the US,” she said.Earlier in the session, China’s State Administration of Foreign Exchange, or SAFE, said China currency remains stable and strong, adding China’s…

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Chinese yuan hits 1-year low

“A month ago, the two rates were nearly identical, but now the offshore yuan buys roughly 0.5% fewer dollars than its counterpart” writes Saumya Vaishampayan for marketwatch.com. On Thursday morning, the People’s Bank of China set the dollar’s daily reference rate at 6.7066 yuan, weakening the yuan by 0.2%.The central bank has guided the yuan to stronger-than-expected daily levels since mid-June, according to Commerzbank analysts, probably aiming to slow the pace of decline.One analyst suggested this could prod the central bank into action.China’s currency hit lows not seen since last…

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Asian shares higher on U.S. earnings but trade worries rattle offshore yuan

“TOKYO (Reuters) – Asian shares made early gains on Thursday as upbeat Wall Street earnings supported global investor sentiment, although trade war jitters pushed China’s offshore yuan to a fresh one-year low” writes Midwest Communications Inc for 95kqds.com. “Trade war fears are something that won’t go away overnight.On the foreign exchange market, the trade war fears between the United States and China kept the offshore yuan to 6.7650 per dollar, to hit its lowest level since July, 2017.Against the Japanese yen, the dollar hit a 6-1/2 month high of 113.140…

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Chinese online group Pinduoduo targets up to $1.63 billion in U.S. IPO

“Pinduoduo’s revenues have grown sharply, reaching 1.38 billion yuan ($206.4 million) in the first quarter of 2018 from 37 million yuan a year ago” writes Midwest Communications Inc for 95kqds.com. Net losses, however, remained broadly steady at 201 million yuan.(Reuters) – Chinese online group discounter Pinduoduo is planning to raise up to $1.63 billion from a U.S. listing, its latest filing with the U.S. Securities and Exchange showed, in what will be one of the biggest U.S. float by Chinese firms in four years. Source: 95kqds.com Share This:

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ZTE stock surges as U.S. supplier ban lifted though outlook remains uncertain

“Uncertainty over the ban battered ZTE shares, wiping nearly $11 billion from the company’s market valuation” writes Midwest Communications Inc for 95kqds.com. “However, we think it remains uncertain as to what extent ZTE can win back the existing customers and explore new businesses.”. That was still 37 percent lower than its last price in April when trading of the stock was suspended for two months following the ban.Jefferies analyst Edison Lee estimated ZTE had an operating loss of up to 4 billion yuan for April-June due to suspending business when…

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