Trade war China has devalued its yuan against the dollar as its trade war with the US escalates
23 July, 2018, 12:45
Stocks have wobbled this week as investors reacted to solid company results as well as heightened trade tensions.
The yen climbed to two-week highs against the dollar and was last up 0.4 percent at 110.98 per dollar.
"China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S.is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge", Trump said on Twitter. While both the Chinese and USA economies remain strong, a crash in the U.S. stock market, especially at a time when interest rates have pushed the Dollar higher, could result in a dramatic change of fortune for the United States if the current atmosphere of caution vis-a-vis China is not reversed from the American side. They said, 'Now you're more than complaining.
St Louis Federal Reserve Bank's James Bullard said the Fed would remain unaffected by Mr Trump's comments on monetary policy and expressed concerns about rising tariffs.
"But I don't like all of this work that goes into doing what we're doing", Trump said, arguing that the Fed's hikes could disrupt economic growth. "This is one more item that just creates noise in markets". The Dow Jones Industrial Average dropped less than 0.1 percent to 25,058.12.
Wholesale gasoline rose 1.2 percent to $2.07 a gallon.
Benchmark 10-year USA notes last fell 12/32 in price to yield 2.8894 percent, from 2.847 percent late on Thursday. That helped banks because bond yields are used to set interest rates on many kinds of loans including mortgages. South Africa's rand gained 1 percent to 13.41 per dollar.
WALL STREET: US indexes finished mostly lower.
Donald Trump has previously accused China of being a'currency manipulator
The CBN asked banks to bid for renminbi between 9:00 a.m. and midday, two people, who asked not to be identified because they're not authorized to speak to the press about the matter, said. The stock climbed 1.8 percent to $106.31.
General Electric lost 4.4 percent to $13.12 after it said its power business continued to struggle as revenue and orders decreased. GE, which has been selling and splitting off businesses, also cut its forecast for how much cash its businesses will generate.
Artjom Hatsaturjants, research analyst at Accendo Markets, said "market sentiment soured on President Trump criticizing the Fed for hiking rates and threatening to go "whole hog" on imposing tariffs on all $500 billion of Chinese imports to the US, further inflaming global trade tensions and putting at risk central bank independence".
Earlier this month, the United States imposed tariffs on $34 billion of Chinese imports. return, China levied taxes on the same value of U S products. The Trump Administration announced a 2nd possible round targeting $200-B worth of goods on 10 July.
President Trump said he may be considering placing an additional $500 billion worth of tariffs on China.
A top Federal Reserve official, meanwhile, warned the trade war could hurt the us economy. While the Yuan is down by 7.6% against the Dollar since the end of the first financial quarter of 2018, the Euro has been surprisingly stable but is nevertheless far below the highs of recent years.
For more than a month, China seemed to be enjoying the advantage of exchange-rate depreciation without the global backlash and panicky capital outflows that accompanied the bout of yuan weakening in 2015.
Europe's STOXX 600 fell 0.3 percent as investors braced for a packed week of corporate earnings in Europe and a meeting between European Commissioner Jean-Claude Juncker and Trump to discuss threatened auto tariffs which could damage carmakers.
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