23 June 2017
AsiaNews.it Twitter AsiaNews.it Facebook
Geographic areas




  • > Africa
  • > Central Asia
  • > Europe
  • > Middle East
  • > Nord America
  • > North Asia
  • > South Asia
  • > South East Asia
  • > South West Asia
  • > Sud America
  • > East Asia
  •    - China
  •    - Hong Kong
  •    - Japan
  •    - Macau
  •    - North Korea
  •    - South Korea
  •    - Taiwan


  • » 11/16/2016, 08.59

    CHINA-US

    Yuan value falls, bad and good for the US

    Paul Wang

    The renminbi fell to 6.86 against the US dollar, its lowest value in eight years. Depreciation favors Chinese exports. For Trump (and Obama) China is a "currency manipulator". But with a diving Chinese yuan, capital transfers abroad increase.


     

    Hong Kong (AsiaNews) - Today, too, and for the ninth day in a row, the value of the yuan fell reaching the lowest level for eight years now. This morning the value of the renminbi offshore and onshore is below 6.86 against the dollar.

    By the victory of Donald Trump in the US, the yuan has fallen more and more. During his election campaign, the newly elected president has often accused China of being a "currency manipulator" and promised to put taxes on Chinese imports up to 45%. Trump accuses China of deliberately devaluing the yuan, to make its export products competitive.

    Some analysts point out that even Barack Obama in the past accused China of currency manipulation, but there was no follow-up.

    The reason may be that with the devaluation of the yuan, many middle-class or wealthy Chinese are seeking to invest in hard currency or purchase goods abroad, especially in the US.

    During the election campaign, Trump promised to invest at least one trillion dollars over the next 10 years in infrastructure, including "motorways, bridges, tunnels, airports, schools and hospitals." This plan would be supported by private investors. And many Chinese are already studying the possibility to participate in such investments. According to many experts, there is an "unprecedented exodus of funds" from China to the US.

    e-mail this to a friend Printable version










    See also

    07/04/2017 14:21:00 USA - CHINA
    Trump and Xi meet, a summit of 'friendship'

    Dinner in honor of the Chinese guests took place at the same time as the attack on the Syrian base. Both the two presidents need to show that the meeting was a success. But the steps China needs to take will be very costly.

     



    29/07/2009 CHINA – UNITED STATES
    US and China planning new world financial system to save themselves from crisis
    In Washington the United states agrees to cut its deficit and maintain a stable dollar as China agrees to reduce its reliance on exports and open up its financial markets. According to experts, in view of their interdependence China and the US plan to grow together.

    10/02/2017 09:06:00 CHINA-US
    First "friendly" phone call between Trump and Xi Jinping. "One China" reaffirmed

    The two have decided to work together in areas of "mutual interest". Reaffirming the principle of the one China defuses a source of unrest and possible wars. The conversation took place a few hours after the arrival of Shinzo Abe in the US.

     



    20/11/2009 CHINA – UNITED STATES
    US Congress threatens sanctions over China’s yuan
    After Obama’s requests and the silence of China’s leaders, there is no sign that war over the value of the yuan is over. For some economists, Beijing’s monetary policy is helping the US contain inflation whilst making it easier for the world to pull itself out of the current crisis. For others, it is destroying the manufacturing capacity of the rest of the world whilst enslaving much of China’s population.

    07/12/2010 CHINA – UNITED STATES
    US-China tug-of-war over currencies continues
    Experts say that large asset bubbles created by US policy leads to inflationary pressures in China, is pushing Beijing to appreciate its currency. China instead wants a low yuan to favour exports.



    Editor's choices

    RUSSA - VATICAN
    Vatican and Russian orthodox scholars debate history and Ostpolitik

    Vladimir Rozanskij

    The conference begins tomorrow and continues until June 21. Joint work was blocked in 2002 over allegations of "proselytism" against the Russian Catholic Church. Change of climate after the meeting between Francis and Kirill in Havana in 2016. Russians prefer to talk about common mission to the world rather than unity of the united Church in the first 10 centuries.

     


    LAOS - VATICAN
    The “strength of the Church is within the small churches”, says Laos’s first cardinal

    Weena Kowitwanij

    On 21 May, Pope Francis announced his nomination, a surprise for Laos’s 50,000- strong Catholic community. It is a “baby Church” that experiences the first proclamation and is turned towards Tribals and animists. "Some of the most serious problems are the shortage of personnel and the quality of education,” the prelate said. "Some people think that being a cardinal is an honour,” but for Mgr Mangkhanekhoun it means advising the pope on how to “solve problems.”


    AsiaNews IS ALSO A MONTHLY!

    AsiaNews monthly magazine (in Italian) is free.
     

    SUBSCRIBE NOW

    News feed

    Canale RSScanale RSS 

    Add to Google









     

    IRAN 2016 Banner

    2003 © All rights reserved - AsiaNews C.F. e P.Iva: 00889190153 - GLACOM®