Chinese yuan defies Trump comments, continues slide

21 July, 2018, 20:08 | Author: Regina Silva

A weaker yuan risks increasing trade tensions with the Trump administration, which has repeatedly accused China of keeping its currency artificially weak to support its huge export industry.

Trump told CNBC television that he was unhappy about the Federal Reserve's decision to hike interest rates, saying he was concerned about their potential impact on the US economy and American competitiveness. China promptly levied taxes on the same value of U.S. products. "Now it is taking 15 days or longer".

Instead, many analysts say they expect the Trump administration to impose more tariffs on China and potentially other key US trading partners.

"I'm ready to go 500", the Republican leader told the U.S. network CNBC, referring to the US$505.5 billion (RM2.055 trillion) in Chinese imports accepted into the United States in 2017. The US imported about $505 billion worth of goods from China a year ago.

The manipulation of the yuan, considered by many to be undervalued, is a direct response to Trump's actions on global trade and protectionism, sparking fears that China could "turn a trade war into a currency war", says Quartz. A big reason is bad (terrible) Trade Deals with other countries.

When asked about the stock market possibly falling if the United States imposed duties on such a large amount of goods, Mr Trump told CNBC: "If it does, it does".

But the yuan declined further Friday as the People's Bank of China (PBOC), which manages the currency by setting a daily trading band, weakened the central rate by the widest amount in two years. Chinese exports would also be relatively cheaper, possibly balancing out suggested increases in tariffs by the Trump Administration.

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Copper prices plunged to one-year lows as fund selling accelerated due to worries about demand from the trade tussle between the United States and top consumer China.

"Currency is now part of the trade war, folks", said Greg McKenna, market strategist at AxiTrader.

China will likely retaliate if additional tariffs are imposed, economists note, rather than simply knuckle under.

Trump authorized the tariffs after an investigation he ordered by the U.S. Trade Representative's office found that China was violating intellectual property rules and forcing American companies operating in China to hand over their technology secrets to gain access to the market.

"That attracts dollars to the United States and increases the absorption of capital within the USA economy". It slipped Friday against the Chinese currency and was expected to extend its steady decline, providing Beijing with a buffer against punitive United States trade tariffs. Experts say the newly-imposed tariffs against American agriculture products only add to the stresses on producers, who were already facing financial woes and worker shortages. "I don't like all of this work that we're putting into the economy and then I see rates going up".

"I am not happy about it", Trump said.

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