The value of the yuan has gradually returned to market levels as the discrepancy between the central parity rate and the actual trading rate has been largely corrected after declines in the past few days, Zhang Xiaohui, assistant governor of the People’s Bank of China...
Many of them have been shifted to makeshift camps in nearby localities amid fears over the spread of toxic chemicals in the area. A total of 721 were injured, of whom 25 are still in critical condition. Residents living a few kilometers away from the blast site reported feeling...
Duke University business professor Campbell Harvey says China wants the yuan to eventually become a “reserve” currency like the dollar and the euro. “Looking at the worldwide and domestic economic situation, now there is no basis for a sustained depreciation...
China’s foreign ministry voiced its opposition to Saturday’s visits in a statement which said they demonstrated “Japan’s erroneous attitudes toward the historical issues”.
“In the long run the renminbi is still a strong currency”, PBOC assistant governor Zhang Xiaohui said, adding that China was running a trade surplus and had a sound fiscal position and rich foreign exchange reserves.
Under the worldwide agreement reached last month, Russia, China and European Union countries will lift their sanctions on Iran as Iran accepts curbs and inspections on its nuclear program.
The central bank put the yuan’s central parity rate at 6.4010 yuan for $1.0, the China Foreign Exchange Trade System said, a drop of 1.11 percent from the previous day’s 6.3306.
However, he said he was bargain-hunting in the worst-affected sectors, such as luxury goods, and predicted broader European stock markets should soon stabilize.
As part of Saturday’s war memorials, Emperor Akihito, the son of wartime Emperor Hirohito, will deliver a speech with Abe and other cabinet ministers present.
Thousands of people are expected to take part in dozens of marches in cities across the globe Saturday in support of Iran’s deal with world powers over its controversial nuclear programme.
It also compounded jitters over China’s financial health after a debt-fuelled stock market bubble burst in June, following a 150 percent surge in the previous 12 months.
China cut the reference rate for its currency for the third straight day, on Thursday after the surprise devaluation of the yuan this week unsettled global financial markets. The PBoC also “dismissed claims it intended to weaken the yuan by 10% to support exports as...