Sunday, 25 August, 2019

After years of promises, Trump again sounds dire about China trade pact

Trump Says It’s ‘Fine’ If September China Talks Are Canceled Stocks dip as Trump raises doubts about China trade talks
Jean Garcia | 12 August, 2019, 10:56

Some analysts claim the continuing weakening of the yuan vis-à-vis the US dollar is again an attempt by China to boost exports in support of an economy that grew at its slowest rate in 25 years during the first quarter of this year.

Stocks are edging lower on Wall Street in early trading at the end of an unusually turbulent week for the market.

"We saw growing profit in South America past year, especially from key markets such as Chile, Argentina, Ecuador and Peru", said Li Junzhi, head of Dongfeng's global business department.

Ties between the world's two largest economies have deteriorated dramatically since Trump announced on August 1 that he would impose a 10% tariff on a final $300 billion worth of Chinese imports on September 1, prompting China to halt purchases of USA agricultural products.

However, ING cautioned there is a chance the yuan could fall further if the trade war continues to escalate.

"The bank will also be careful not to allow the (yuan) to depreciate on a sustained basis against a broader basket of currencies".

Kenny Stills Calls Out Dolphins Owner For Trump Fundraiser
Then Stills revealed that the death threats he received at the height of the kneeling controversy in 2017 have returned. He anticipates both sides will speak in the near future. "I told him that".

The fixing was still stronger than what traders expected, with market participants increasingly starting to see the yuan trading around a new normal of 7. "It doesn't mean the currency won't bounce back, though in the short term, there are still a lot of risks and uncertainty in the trade talks".

The Washington-based global crisis lender once again called for a quick resolution to the trade conflict between the world's economic superpowers, warning of "significant negative spillovers globally".

The International Monetary Fund on Friday said China's yuan valuation was largely in line with economic fundamentals, but an IMF official said the fund was encouraging China to pursue a more flexible exchange rate with less intervention. It burned through $1 trillion in reserves before it steadied.

China had been intervening to support the yuan earlier this year as trade talks continued, "but the fact that they have allowed the yuan to go past 7 shows they have sort of given up", Capital Economics senior China economist Julian Evans-Pritchard said on Monday.

On Friday, the yield on 10-year Chinese government bonds touched 3.019%, according to Refinitiv data, its lowest level since December 5, 2016.

Intriguingly, China seems to have signaled its intent to not fight in a currency war against the U.S.by setting the midpoint or reference rate of the yuan at a tolerable RMB6.9996 to $1.00 on Wednesday. Adjusting the composition of foreign exchange reserves is a structural process, meaning that in the event of a crisis in the market, China cannot make immediate adjustment but can only adjust gradually. Markets are pricing in another Fed cut of the same size next month, and another identical move the month after. The offshore yuan rose 0.1 per cent.

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