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In addition, the outage of a 290,000 barrel-per-day distillation unit at BP PLC’s Whiting refinery in Indiana was thought to reduce commercial crude demand, further adding to stockpiles.

With foreign exchange reserves of around $3.65 trillion, China has plenty of scope to sell dollars and shore up its own currency.

Most shares in the region climbed as China kept its currency steady for a second day.

Unhappy and irritated by a question put to him by a female Fox News TV journalist during a debate between several Republican aspirants for the White House, he notoriously said she had blood coming out of her eyes and “wherever”.

Just as his remark about the female journalist is distasteful, his comment about the devalued Chinese currency is extravagant.

Yesterday, China’s central bank set the guidance rate at 6.4010 per US dollar, weaker than the previous fix of 6.3306.

So the notion that China is evolving into a more market-oriented country is to impose a particularly American perspective on Chinese actions. Impose trade barriers if Beijing will not comply. By 1994 it was 8.62 RMB to the dollar (the lowest ever on the record).

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...

In a note published on Tuesday, after the first devaluation of 2 percent was announced, the PBoC said that monetary policy would now allow the currency to float and trade more freely, in a move towards a more market-orientated approach. France and Italy were the main...

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...

Greenpeace said exposure or skin contact with the hazardous materials will put firefighters and rescue workers at risk.

State news agency Xinhua identified the owner of the warehouse as Tianjin Dongjiang Port Ruihai worldwide Logistics.

“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.

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.