Economy

IMF Stands by Yuan as US Labels China 'Currency Manipulator'

IMF Stands by Yuan as US Labels China 'Currency Manipulator'

As of 0830, the offshore yuan was trading at 7.0795 per dollar, nearly flat on the day. Since the dollar's share in the worldwide payment system has dropped from 60 percent during the 2008 financial crisis to the current 40 percent or so, with the euro now taking a 35 percent share, maintaining a certain amount of non-dollar reserves is beneficial in trade settlement.

In addition to this, Mu explained that issuing a digital currency using a "pure blockchain architecture" would be hard to do, especially in a country the size of China.

The yuan has now weakened around 1.5% since U.S. President Donald Trump threatened last Thursday to impose more tariffs on Chinese goods from September 1, though there are signs China is trying to stem the declines.

Indexes started lower Friday and the losses accelerated after President Donald Trump said it was "fine" if a meeting on trade with China next month doesn't happen. Mu said this was very different from a "single-tier" system, whereby the central bank released tokens directly to the public.

The International Monetary Fund trimmed its growth forecast for China to 6.2 percent this year, assuming no new tariffs are imposed, but additional U.S. tariffs of 25 percent on remaining Chinese goods would cut GDP growth in the following year, the IMF said in a report.

The S&P 500 fell 19 points, or 0.7%, to 2,918.

A standoff persists over USA restrictions on companies doing business with Chinese telecom giant Huawei and China's reluctance to ramp up purchases of American farm goods. The Worldwide Financial Fund says the dollar must be about 6-12 % cheaper based mostly on near-time period economic fundamentals, however structural points such as the dollar's position as the global reserve currency make that unlikely.

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Stocks are capping a turbulent week with another decline Friday as investors worry that a resolution in the U.S.

Other areas of the world are facing even weaker economic growth, and the British government reported that its economy shrank in the second quarter for the first time since 2012.

Chen said the trade dispute between China and the U.S. has prompted Chinese enterprises to accelerate their pace of innovation to break external restrictions in many fields such as semiconductors and new materials, as well as expand their global presence at a notable pace.

In currency markets, sterling matched its January 17, 2017 low against the USA dollar, buying as little as $1.2015 in early Asian trade Monday before ticking higher to $1.2036.

Technology and communications companies were among the biggest losers in early trading. Above all, with domestic monetary policy unchanged, the yuan's dip to 7.1 to the dollar could, if sustained, essentially absorb the impact of Trump's latest tariff increase, according to China Merchants Bank Co.

China devalued the yuan in 2015 in an attempt to curb depreciation pressure, stunning global markets.

USA crude was down 0.48% to $54.24 a barrel and global benchmark Brent crude shed 0.43% to $58.28 per barrel.


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