The White House is holding off on a decision about licenses for US companies to restart business with Huawei Technologies Co. after Beijing said it was halting purchases of US farming goods, according to people familiar with the matter.Read More
China’s abrupt devaluation of the yuan this week is an acknowledgment from Beijing that its domestic economy needs help, a vulnerability that Chinese policy makers have played down during the escalating trade conflict with the US.
- China’s Yuan Could Weaken Past 7.5 if Trump Hikes Tariffs Further – CNBC
- China’s Forex Reserves Fall to $3.104 Trillion Amid Rising Trade Tensions – Reuters
- The Grey Area Between Currency Devaluation and Currency Manipulation – Yahoo Finance
China’s central bank set its daily currency reference rate marginally stronger than 7 a dollar, leaving analysts anticipating Thursday’s fixing as a key policy signal.Read More
President Donald Trump accused China of manipulating its currency as the trade war between the world’s largest economies keeps escalating.
- China’s Yuan Devaluation is a Slap in Face for Trump – Australian Financial Review
- US Treasury Labels China a Currency Manipulator – Financial Times
- US ‘Destroying International Order’, China Media Says – Reuters
The FX market was surprised today when the Peoples Bank of China set the onshore USD/CNY rate much higher than anticipated at 6.9225, leading to the offshore USD/CNH currency pair extending gains through 7.00 – a level previously defended by the Chinese authorities concerned about capital outflows and one at which the pair has never traded above.
- Why ‘Cracking Seven’ is a Big Deal for China’s Currency – Financial Times
- China Hits Back at Trump with Weaker Yuan, Halt on Crop Imports – Bloomberg
US President Donald Trump vowed to impose a 10% tariff on $300 billion of Chinese imports from Sept. 1, sharply escalating a bruising trade war between the world’s largest economies and jolting financial markets.
- China Slams Trump’s Latest Tariffs – South China Morning Post
- Trump Tariffs Increase Pressure on Fed to Cut Rates – Financial Times
- Fresh Trump Tariff Threat Roils Investors Around World – Wall Street Journal
- What Analysts Are Saying About Fresh China Tariff Threat – Bloomberg
Refinitiv, one of the world’s largest providers of financial markets data and infrastructure, today announces that its shareholders have agreed definitive terms with the London Stock Exchange Group plc (LSEG) under which LSEG will acquire Refinitiv in an all share transaction for a total enterprise value of approximately US$27 billion.Read More