Economy

China refutes USA allegations of currency manipulation

China refutes USA allegations of currency manipulation

In June, U.S. dollar/Chinese yuan exchange rate hit the highest level since end-June 2017 - one dollar traded for 6.8112 yuan-, off by 4.3 percent annually.

Statistics showed that in the first six months of the year, China's exports to the U.S. rose 13.6 percent from a year earlier, while imports from the USA increased by 11.8 percent.

Around $505 billion of Chinese goods were imported to the United States in 2017, leading to a trade deficit of almost $376 billion, USA government data shows.

Last week, US Treasury Secretary Steven Mnuchin said the US government is monitoring the yuan's weakness and would assess whether the redback has been manipulated.

In May, the White House issued a statement saying that the United States will impose a 25-percent tariff on Dollars 50 billion of goods imported from China, which contain industrially significant technology. "So in order to keep inflation in check they may need to hike interest rates".

China's ministry of commerce stated that it was shocked by Trump's threats and that it would file a complaint with the World Trade Organization and, while it did not immediately say how it would respond, the ministry called Trump's threats completely unacceptable.

The imposition of punishing tariffs on imported goods has been a favored tactic by Trump, but it has prompted US trading partners to retaliate, creating risks for the economy.

In turn, the Trump administration accused China of not negotiating "seriously" on trade and released on Tuesday a list of $200 billion worth of Chinese exports that could be subject to new 10-percent tariffs.

More news: Pompeo Urges Nations to Keep Pressuring N.Korea

"The (yuan's) slide against the USA dollar will substantially cushion the impact on Chinese exporters from the planned next round of USA tariffs", Rajiv Biswas, Chief Asia Economist with IHS Markit, told AFP. Find us on Facebook too!

Stock markets rallied Tuesday, helped by Chinese stimulus plans and some strong corporate earnings, traders said.

Dollars index fell against the basket of six major currencies to close Friday's trading session in the red at 94.41 after Trump said that a higher interest rate would pressure the competitive advantage of the U.S. Economy.

In the CNBC interview that aired Friday, Trump reiterated his complaints about America's gaping trade gap with China, even though reforming China's technology policies wouldn't likely narrow the trade deficit.

"I'm not thrilled", he said.

"Currency is now part of the trade war folks", said Greg McKenna, Chief Market Strategist at AxiTrader.

"We're stopping the barriers to other countries".

Shrugging off the weaker yuan, China's stock markets rose as investors cheered the prospect of policy easing and picked up bargains.


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