Economy

China Says Its Trade Practices Benefit World

China Says Its Trade Practices Benefit World

China's leadership on Thursday launched yet another attempt to ease U.S. and European pressure over market access and technology policy. The single currency dropped 0.1 percent to $1.1633 after earlier falling to $1.1622, its weakest since June 22.

MSCI's broadest index of Asia-Pacific shares outside Japan lost another 0.6 per cent after touching a two-year trough on Tuesday.

The jump in oil boosted the Wall Street energy sector 1.4 per cent, making it the biggest gainer on the S&P 500. Dow futures were flat while futures for the S&P 500, which on Wednesday closed at its lowest in almost a month, were up less than 0.1 percent.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

China's Shanghai Composite index was gaining 0.2 percent, erasing early losses while the yuan fell on concerns about the economic outlook. Hong Kong's Hang Seng shed 0.3 percent to 28,881.40. Australia's S&P-ASX 200 edged up 0.1 percent to 6,201.00. Taiwan's benchmark fell and Southeast Asian indexes were mixed.

A Cabinet report repeated promises to cut some tariffs and ease controls on foreign investment but mentioned no new initiatives.

Meanwhile, one WTO member is also abusing "national security exception" articles on steel and aluminium products and even plans to use them on automobile products in the future, which will make WTO rules hard to implement if other members follow suit. Harley-Davidson shares plunged 6.0 percent on Monday.

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The Global Times said support could be provided to companies like ZTE Corp, China's second-largest telecommunications equipment maker, which ceased major USA operations after the United States imposed a ban in April.

A U.S. government official told Reuters on Sunday that the U.S. Treasury Department had been working on a proposal to ban acquisitions of U.S. firms with "industrially significant technology" by companies with at least 25 percent Chinese ownership.

The Chinese government said in a white paper on Thursday that China will take steps to further open its economy, and that fulfilling World Trade Organization (WTO) entry commitments has never been the end-point of the country's opening-up. China and the European Union agreed Monday to launch a group that will, among other things, try to preserve support for worldwide trade amid USA threats of import controls. "I have a suspicion that investors are not worrying just about a trade war but are readying for the end of technology-led bull market", said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management in Tokyo.

USA crude futures last traded at $72.51 a barrel, down 0.33 percent in Asian trade.

United States oil prices hit a 3½-year high as plunging U.S. crude stockpiles compounded supply worries in a market already uncertain about Libyan exports, a production disruption in Canada and Washington's demands that importers stop buying Iranian crude.

The dollar changed hands at 110.26 yen, up slightly but well within its narrow trading range over the past month.

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