Tag: Renminbi (Currency)

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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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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Trump’s Trade War Is Breeding Patriots in China

BEIJING — Earlier this week the Chinese government aggressively devalued its currency — the clearest sign yet that it is hunkering down for a protracted fight with the United States over trade. Currency devaluation is the mother of all retaliations. The move, designed to help offset the Trump administration’s tariffs against China, could goad America […]

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‘Weaponized’ Currency and Mining Limits: China’s Responses to Trump Take Shape

BEIJING — China may turn its currency into a weapon. It has already stopped buying American crops. Its mining industry stands ready to hold back minerals that are crucial to making iPhones and missiles, and its policymakers are openly discussing doing without American trade. Nearing the end of a tumultuous week that left stock markets […]

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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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A Weak Dollar Could Help the U.S. Getting One Isn’t So Easy.

The trade war between Washington and Beijing took an unexpected turn this week as China let its currency drop sharply and the United States responded by officially designating the country a currency manipulator. The confrontation underscored the Trump administration’s focus on weakness in foreign currencies — and the corresponding strength of the dollar — as […]

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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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What’s at Risk if the U.S. Stumbles Into a Currency War

When the United States declared China a currency manipulator on Monday, long-building trade tensions between the world’s two largest economies spread to the combustible realm of currencies — with potentially huge consequences for the global financial system should the escalation continue. Did China allow the value of the yuan to fall against the dollar simply […]

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President Trump’s Fruitless Trade War

President Trump told the American people that confronting China would be quick and painless and would result in clear gains for the American economy, a philosophy summarized most famously in his Twitter boast: “Trade wars are good, and easy to win.” Today, two years after the Trump administration imposed its first punitive measures on China, […]

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The U.S. Labeled China a Currency Manipulator. Here’s What It Means

The Trump administration labeled China a currency manipulator on Monday, after China allowed the value of its currency to fall. The designation — which the United States last used against China in 1994 — is more a symbolic move than a substantive one. But it dials up the pressure in a trade war that has […]

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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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China Wants to Hit Back at Trump. Its Own Economy Stands in the Way.

BEIJING — As China considers ways to retaliate against President Trump’s mounting tariffs, it has increasingly acknowledged that it must first address its main obstacle to punching back: its own slumping economy. Chinese officials have vowed to respond with measures of their own if Mr. Trump follows through on his threat to put 10 percent […]

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White House Considered Weakening U.S. Dollar Before Ruling It Out

WASHINGTON — President Trump and his economic advisers met this week to discuss intervening in currency markets to artificially weaken the dollar, but decided against the idea, Larry Kudlow, director of the National Economic Council, said on Friday. Mr. Trump has made no secret of his frustration that the United States dollar has strengthened against […]

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