Diabytes
China currency News
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Dismissing US President Donald Trump's charge of China being a currency manipulator, Premier Li Keqiang today said Beijing has no intention of devaluing the yuan to boost exports, as it does no good for Chinese companies' transformation.
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China has hinted at changing its long-standing yuan policy to liberalise its currency against the dollar, signalling willingness to alter course on exchange rates amid US President Donald Trump's threats of a trade war.
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The central People`s Bank of China set the value of the yuan -- also known as the renminbi -- at 6.8495 to the greenback, down 0.30 percent from Monday`s fixing, according to data from the Foreign Exchange Trade System.
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The yuan firmed for a fourth straight day on Friday, posting its biggest weekly gain since April as China`s state-run banks were suspected of supporting the currency before Group of 20 finance officials meet this weekend in Chengdu.
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China weakened the yuan's fixing almost one percent to a five-and-half-year low against the dollar today, officials said, the biggest downward move since August as the greenback surge after Britain's vote to leave the European Union.
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China only allows the yuan to rise or fall two percent on either side of the daily fix, one of the ways it maintains control over the currency.
China`s yuan currency touched 6.4856 to the dollar on Thursday, its strongest level so far in 2016.
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Republican presidential front- runner Donald Trump has slammed China for the devaluation of its tightly-controlled currency, describing the Communist country as one of the great thefts of all time.
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China will continue to crack down on illegal foreign exchange activities but won`t revert back to the "old road" of capital controls, the country`s top foreign exchange regulator said.
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China will require foreign financial institutions in the country to hold yuan in reserve.
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China’s central bank is on guard against a sudden attack on the yuan in offshore markets, and is ready to intervene if the gap between offshore and onshore exchange rates becomes destabilising, sources involved in policy discussions say.
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The move will lower trading costs for China and Switzerland.
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The United States has softened its long-held stance that China's currency is significantly undervalued, saying the yuan remains below its "appropriate medium-term valuation".
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The White House has urged China which is facing one of the worst financial crises in decades - to continue to pursue financial reform and move rapidly toward a more "market-determined" exchange rate system.
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China cut the reference rate for its currency for the third straight day on Thursday, authorities said, after their surprise devaluation of the yuan this week unsettled global financial markets.
The People's Bank of China (PBOC) said it will issue new 100-yuan bank notes starting November 12.
Tuesday's devaluation by the world's second largest economy, the first since 1994, was effected amid slowing down of the economy which is hovering around seven percent and falling exports.
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China's new mechanism for determining the central parity of its currency "appears a welcome step" as it should allow market forces to have a greater role in determining the exchange rate, the IMF has said.
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China cut the value of the yuan against the dollar for a second consecutive day.
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