beijing rules out using currency devaluation to its advantage
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Beijing rules out using currency devaluation to its advantage

Arab Today, arab today

Arab Today, arab today Beijing rules out using currency devaluation to its advantage

Chinese currency
Beijing - Arab Today

China said on Friday it had no intention of using currency devaluation to its advantage in trade, responding to US President Donald Trump’s description of the Asian giant as the “grand champions” of currency manipulation.
Trump said in an interview with Reuters on Thursday he had not “held back” in his assessment that China manipulates its yuan currency, just hours after his new treasury secretary pledged a more methodical approach to analyzing Beijing’s foreign exchange practices.
Chinese Foreign Ministry spokesman Geng Shuang said he hoped the US could “fully and correctly” view the exchange rate issue.
“China has no intention of seeking foreign trade advantages via an intentional devaluation of the renminbi. There is no basis for the continued devaluation of the renminbi,” he told a daily media briefing in Beijing.
“If you must attach the label ‘grand champion’ to China, then I think China is a grand champion. But we are the grand champions of economic development,” Geng added.
The Foreign Ministry has no say in currency policy, but it is the only Chinese government department that holds a daily briefing that foreign reporters attend.
The central People’s Bank of China (PBoC) did not respond to a request for comment.
The yuan fell 6.6 percent against the dollar in 2016, its biggest annual drop since 1994, as it was pressured by worries about slowing Chinese growth and more recently by a resurgent dollar, which has spurred capital outflows from many emerging markets.
Chinese authorities have taken numerous steps in recent months to curb capital flight to support the weakening yuan currency, while trying to bring in more foreign investment.
New commerce minister
China’s government has named a trade specialist as its new commerce minister and appointed a new head of its top economic planning body as part of a Cabinet reshuffle that comes amid a slowing economy and the threat of increased trade friction with President Donald Trump’s administration.
Top trade representative Zhong Shan will become minister of commerce, while He Lifeng will take over the powerful National Development and Reform Commission (NDRC), the official Xinhua News Agency reported Friday. The appointments are expected to be ratified next month during the national legislature’s annual two-week session.
The two new appointees — both of whom have worked in the past with President Xi Jinping — will step into crucial roles guiding the world’s second-largest economy at a time of serious challenges.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

beijing rules out using currency devaluation to its advantage beijing rules out using currency devaluation to its advantage

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

beijing rules out using currency devaluation to its advantage beijing rules out using currency devaluation to its advantage

 



GMT 09:55 2017 Wednesday ,19 April

Filipino president arrives in Saudi

GMT 12:47 2017 Sunday ,06 August

Hend Saeed Saleh reveals secrets of his father

GMT 01:49 2016 Wednesday ,15 June

Swedish SAS pilots agree to end strike

GMT 13:52 2018 Tuesday ,09 January

Berri, Richard tackle current situation

GMT 07:24 2017 Sunday ,24 December

Nelson Mandela, anti-apartheid icon, dies at 95

GMT 15:16 2017 Sunday ,17 September

Four killed in market explosion in Afghanistan

GMT 23:03 2017 Wednesday ,06 December

FNC Speaker receives President of Nepal

GMT 05:41 2017 Tuesday ,29 August

Kenya bans plastic bags in bid to fight pollution

GMT 05:00 2017 Wednesday ,06 September

War-divided Syrians unite over football spot

GMT 01:07 2016 Tuesday ,30 August

China reviews inbound investment laws

GMT 02:32 2017 Thursday ,11 May

Own a business in Oman? Haya Water warns traders

GMT 23:07 2017 Thursday ,16 November

Jordan condemns terrorist attack in New York

GMT 16:16 2013 Monday ,15 April

Fewer Americans view their income taxes as fair

GMT 23:20 2017 Wednesday ,22 November

Premier lauds US vision towards regional challenges

GMT 14:19 2016 Wednesday ,31 August

European stocks diverge on mixed data

GMT 12:40 2014 Friday ,15 August

My father would appreciate spirit of Scuderia

GMT 20:10 2017 Friday ,07 July

Pakistani journalist shot dead in tribal region
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday