: Stocks across the U.S. and Asia are stabilizing after falling sharply on Tuesday in response to the U.S. officially branding China as a currency manipulator. It came after China’s central bank allowed the yuan to fall to its lowest level in 11 years following President Donald Trump’s threat last week to impose billions in new tariffs.
Treasury Secretary Steven Mnuchin on Monday officially named China a currency manipulator, citing the nation’s “long history” in intervening in the foreign exchange market with the aim of gaining an “unfair competitive advantage in international trade.” The Treasury Department added that the move was a violation of China’s G20 commitment to halt currency devaluation.
China rejected accusations that it was manipulating its currency, also known as the renminbi, and on Tuesday moved to stem the fall of its currency against the dollar.reports that the People’s Bank of China set the yuan fixing point against the dollar higher than expected on Tuesday,
There are no winners in any wars, trade wars are especially damaging for everyone involved as well as many collateral victims.
Once 7 was lost, investors have no confidence in keeping money in china, which can only lead to 7.4 or even 8.
It affirms to oil buyers worldwide (thinking of changing currencies) that they should sick with USD, not those easily manipulated BeijingBucks.
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