China's yuan falls against dollar, helping exporters
23 July, 2018, 12:39 | Author: Lora Ball
The Central Bank of Nigeria (CBN) has started the trading of Yuan for the first time after the country secured a Naira-Yuan currency swap deal. The Shanghai Composite Index rebounded 2.1 per cent to 2,830.29.
However, China's yuan largely continued its steady decline against the U.S. dollar, providing Beijing with a buffer against the punitive tariffs as the Shanghai Composite on Friday rose 56.73 points, or 2 percent, to 2,829.27, but shed 0.1 percent from a close of 2,831.18 a week earlier. The Australian dollar climbed to $0.7425 from $0.7358.
WALL STREET: US indexes finished mostly lower.
Data released by the US Census Bureau show that in 2017, the US imported 505.5 billion worth of goods from China, while its exports to China amounted to only $129.9bn. The Russell 2000 index of smaller-company stocks gained 0.6 per cent to 1,701.31.
Last week, the Trump administration also identified a further $200bn in Chinese goods it may target for tariffs, for a total of $250bn. Opponents of the new trade restrictions lined up to vent as the Commerce Department held a hearing on whether auto imports pose a threat to USA national security. If the answer is yes, the administration says it could slap 20 percent to 25 percent tariffs on $335 billion of auto imports.
WEEK AHEAD: Investors are keeping an eye on the European Central Bank policy meeting and data on how the U.S. economy performed in the second quarter.
The Chinese textile suppliers who claim they were hired to manufacture the Trump themed hats and flags have complained that the delays at customs are negatively impacting their sales.
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After the interview, Trump reiterated criticism of the Federal Reserve's planned interest-rate hikes, posting on Twitter that the tightening policy would diminish any USA trade advantage and exacerbate losses from "BAD trade deals".
Last month, the Fed raised its benchmark rate for a 2nd time this year and projected 2 more increases in Y 2018.
The dollar had reached that high after Federal Reserve Chairman Jerome Powell expressed confidence in the US economy and affirmed expectations that the central bank was on track to keep hiking interest rates gradually.
Regulators also want to avoid reigniting fears of a devaluation, which could prompt capital to flee China, pushing up borrowing costs and weighing on economic growth.
These comments will make for an interesting G20 finance ministers meeting this weekend in Buenos Aires, but it does appear that not only do we appear to be heading for a trade war, but it also looks like currencies are about to be brought onto the field of battle as well, as the USA administration tries to limit the effects of its own fiscal stimulus. The president acknowledged that his comments about the Fed would likely raise concerns, as the central bank has always been operating free of political pressure. United States has now warned about India's trade war against China. The euro rose to $1.1726 from $1.1644.
The US dollar extended its losses yesterday, easing to 112.35 yen from 112.46 yen. On Thursday, the contract settled at USD68.24 a barrel.
Crude oil prices appear to have found a short term base but they are still set to finish lower for the third week in succession.
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In the wake of these warnings the Japanese banks then notified that they would stop settling transactions related to Iranian Oil. United States crude stocks rose by 5.8-million barrels last week, compared with a forecast of a decline of 3.6-million barrels.
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Last month, the Fed raised its benchmark rate for a second time this year and projected two more increases in 2018. The Fed has hiked interest rates twice this year and could jack the rate up twice more before year's end.
The EU's decision to impose the record fine on the US-firm comes at a time of heightened tensions between Brussels and Washington. This week, another fine of $5.1 billion was doled out because Google was found to be abusing its power in the smartphone market.
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The gorgeous pop-art design carries over to the bundled DualShock 4 controller, which has a similar red-and-white color scheme. Available as part of a Spider-Man PS4 bundle, gamers can jump into the action on September 7, when the console goes on sale.
On his way home, Trump insisted in a post on Twitter that he has "GREAT confidence in MY intelligence people". Trump and hurt Democratic candidate Hillary Clinton was "well-supported and the tradecraft was strong".
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