International Monetary Fund contradicts Trump: China hasn't manipulated its currency

International Monetary Fund contradicts Trump: China hasn't manipulated its currency

China's central bank set its yuan fixing at weaker than 7 per USA dollar for the first time in more than a decade. This was the yuan's weakest level since December 3, 2018 and led to a market panic and selloff that pushed Wall Street to its worst percentage declines this year.

POTUS added that if the Federal Reserve cut interest rates it would automatically bring down the USA dollar "a little bit" and make it easier for companies.

Mu said issuing a digital currency using a pure blockchain architecture would be hard to achieve in a country as big as China because retailers require high concurrency performance. However, the management of foreign exchange reserves assets is not just about investment risk, it should also focus on various risks in foreign investment and trade, including systemic risk in the financial market and geopolitical risk.

Escalating tension between the US and China over trade was the catalyst for the big swings in the market this week.

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"Short-term exchange rate does not have a lot to do with the fundamentals, it's much affected by the sentiment, it's very volatile, and not in a linear relationshiop", Guan Tao, a former director of the global payments department at China's State Administration of Foreign Exchange, the currency regulator.

The Washington-based global crisis lender once again called for a quick resolution to the trade conflict between the world's economic superpowers, warning of "significant negative spillovers globally". "And in a certain extent, it has helped smoothing market sentiment to avoid panic". "The PBOC is unlikely to fuel excessive speculative RMB depreciation pressures after allowing USD/CNY to trade above 7", analysts at Bank of America Merrill Lynch said in a note. It burned through $1 trillion in reserves before it steadied.

The EU remained China's largest trading partner between January and last month, with bilateral trade volume up 10.8 per cent year-on-year to 2.72 trillion yuan, followed by Asean, up 11.3 per cent to 2.35 trillion yuan, and the United States, down 8.1 per cent to 2.1 trillion yuan. However, the composition of China's foreign exchange reserves is more dispersed compared with the global average level, with the proportion of U.S. dollar-based assets below the worldwide average of 65 percent, which is actually not conducive to the stability of the yuan exchange rate against the dollar. Markets received another jolt on Monday when China retaliated by letting the value of its currency fall to the lowest level since 2008, raising fears of a currency war between the world's two biggest economies. That came after Trump announced he would slap additional tariffs on an additional $300 billion in Chinese-made items after a recent - and very brief - round of revived trade talks went nowhere.

The Fed trimmed rates by 25 basis points for the first time since the financial crisis on July 31, but China did not follow as some market watchers had expected.

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