Yuan News

China's spy ship has been reported to be found in Indian Ocean. According to reports, Yuan Wang 6 is capable to track satellites and ballistic missiles. This has been disclosed by Marine Traffic.

Losses were kept in check, however, after the central bank set a daily midpoint that was stronger than traders expected, raising hopes it was again trying to stabilise the currency.

Traders said sentiment was fragile, with recent news headlines offering little hope of a U.S-China trade deal anytime soon and new U.S. levies on Chinese goods set to go into effect on Sept. 1.

The currency has slumped 2.3% over the past three days and broken past the symbolic 7-per-dollar level, pounding stocks and pushing bonds higher as investors feared the yuan`s value has become a new front in the U.S.-China trade war.

The yuan weakened past the key seven-per-dollar level to its lowest level in 11 years, after the People`s Bank of China, with the blessing of policymakers in Beijing, set its daily midpoint at the weakest level in eight months.

The sharp 1.4% drop in the yuan comes days after US President Donald Trump stunned financial markets by vowing to impose 10% tariffs on the remaining $300 billion of Chinese imports from September 1.

Unlike Washington's list, which was filled with many obscure industrial items, China's list strikes at signature US exports.

Criticism is rising in Pakistan against secrecy surrounding the terms of CPEC agreements. China faces perception battle as CPEC is crucial for its Belt and Road Initiative CPEC is only operational arm of BRI, and any troubles here are likely to impact other projects

The Dawn reported quoting a senior government official that Pakistan was not ready to allow the Chinese yuan (renminbi) for free use in Gwadar or its treatment on a par with the US dollar in the country.

China`s yuan eased on Thursday but posted its biggest monthly gain at the month-end, in percentage terms, since the Chinese currency was revalued and taken off a fixed dollar peg in 2005.

Asian currencies rose on Wednesday as strong manufacturing data from China coupled with a risk-happy market environment spurred interest in emerging currencies, with the Chinese yuan jumping to its highest in six-and-a-half months.

China`s structural reforms will slow the pace of its debt build-up but will not be enough to arrest it, and another credit rating cut for the country is possible down the road unless it gets its ballooning credit in check, officials at Moody`s said.

China's Finance Ministry today dismissed a credit downgrade by Moody's, saying it is based on "inappropriate methodology" and argued that the rating firm has overestimated the difficulties faced by the world's second largest economy.

Moody`s Investors Service downgraded China`s credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise.

China is confident to have reached an economic growth of 6.7 percent in 2016, within a targeted range set earlier in the year, Vice Finance Minister Zhu Guangyao said on Sunday.

China has reduced the share of US dollars in its foreign exchange basket and added 11 more currencies for measuring the yuan which lost about seven percent value against US dollar last year becoming the worst-performing major Asian currency, a media report said.

The benchmark Shanghai Composite Index (SCI) struggled towards the finish line Thursday down 12.5 percent for the year, compared to falls of 0.6 percent by the Hang Seng Index in Hong Kong and 2.2 percent for Japan’s Nikkei 300.

China's currency renminbi today fell to an eight-year low against the US dollar over fears of capital outflows and the communist giant's main stock exchange closed lower after the US Federal Reserve's move to raise the benchmark interest rate for the first time this year.

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. 

The world's largest currency hoard fell to USD 3.12 trillion last month, down USD 45.7 billion from September, marking the lowest level since March 2011, according to data from the People's Bank of China.