Tag: People’s Bank of China

China Is Trying to Clean Up Its Banks. It’s Messy.

HONG KONG — One bank failed. A second and third were bailed out. Worried depositors of two more banks then rushed to pull out their savings for fear of losing them in a spectacular failure. These stumbles, which have occurred in quick succession since May, would stir fears of a financial meltdown had they happened […]

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China’s Cryptocurrency Plan Has a Powerful Partner: Big Brother

BEIJING — When Facebook announced plans this year for a cryptocurrency called Libra, it said its goal was to reinvent money for the internet age. What the company probably didn’t imagine was that its efforts might spur China to get there first. China wants to start replacing the cash that people carry with a digital […]

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China Injects $126 Billion Into Its Slowing Economy

BEIJING — Beijing has called on banks to open the lending spigots as China’s trade war with the United States rages and its economic slowdown shows little sign of abating. The People’s Bank of China on Friday lowered the amount of cash that Chinese banks are required to hold in their coffers, freeing up $126 […]

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Chinese Currency’s Drop Isn’t Entirely in Beijing’s Control

China’s currency weakened by 0.15 percent against the dollar on Tuesday. It was a decline that — on its own — seems unremarkable. But as the trade war between Washington and Beijing drags on, the value of the renminbi is increasingly at the heart of the global fight over trade, technology and economic dominance between the world’s […]

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China Signals It Will Continue to Weaken Its Currency as Trade War Rages

BEIJING — China signaled on Thursday that it might continue to weaken its currency, a move that threatens to again escalate the trade war with the United States. China’s central bank on Thursday set the midpoint of the renminbi’s daily trading range above 7 to the American dollar for the first time in more than […]

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3 Countries Cut Rates as World Braces for More Trade War Turbulence

Central banks in India, Thailand and New Zealand on Wednesday moved to shore up their economies amid fears that global growth will become the biggest casualty in the spiraling trade war between the United States and China. Monetary authorities in all three countries cut interest rates in a series of unexpected moves that shook currency […]

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‘Ready to Rumble’: U.S.-China Fight Puts World Economy on the Brink

ImageA screen showing stock prices at a Beijing securities company on Monday, a day when world stock markets fell sharply.CreditGreg Baker/Agence France-Presse — Getty Images To most people, Aug. 9, 2007, was an ordinary enough summer day. The stock market fell about 3 percent, sufficiently notable to lead the major newspapers, but hardly anything that […]

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Global Markets Hit Pause After Wall Street’s Trade-Driven Rout

BEIJING — Global markets steadied on Tuesday after Monday’s dramatic rout, amid signs that China will not immediately act on its veiled threat to use the value of its currency as a weapon in its trade war with the United States. Asian markets ended broadly lower, but European markets were mixed at the opening. Futures […]

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How China’s Currency Could Become a Trade War Weapon

A weaker renminbi blunts President Trump’s tariffs on Chinese-made goods. But the strategy carries risks beyond worsening relations with the United States. This article was originally published in 2018 and was updated on Aug. 5 after China’s currency fell. As the United States and China swap threats and mete out increasingly punishing tariffs, the world […]

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Global Stocks Slide After China Lets Currency Dip, Raising Tensions With U.S.

Global stocks dropped sharply on Monday after China let its tightly controlled currency sink to an 11-year low against the dollar, stoking investors’ concerns that Beijing may be using the renminbi as a weapon in the escalating trade war between the world’s two largest economies. On Wall Street, shares tumbled more than 1.5 percent at […]

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China Hints at Weaponizing Its Currency, Rattling Markets

BEIJING — The trade war between the United States and China may be about to enter a more dangerous phase, one that could saddle the global financial system with new risks at an already turbulent time. That prospect, which would see Beijing using the value of its currency as a weapon to strike back at […]

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China’s Currency Weakens in a Potential Challenge to Trump

BEIJING — China’s currency weakened past the psychologically important point of 7 to the American dollar for the first time in more than a decade, a move that reflects the growing severity of the trade war with the United States and that could indicate Beijing’s growing desire to find ways to retaliate against President Trump. […]

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