Tag

The Chinese exchange rate for the yuan fell over 1% overnight even as Peoples’ Bank of China (PBOC) officials tried to stem the decline with verbal and monetary support.

The initial blast is believed to have ignited other explosions at nearby companies. “They were caught off guard, so the casualties are grave”, the survivor who was rescued on Friday morning said.

Tianjin authorities said 701 people were injured including 71 in serious condition.

It said the initial blast then ignited further explosions nearby.

More than a thousand firefighters were sent in, but they were stopped as authorities tried to figure out which chemicals were burning – and their risk. Ca(C2) and TDI react violently with water and reactive chemicals, with risk of explosion. Seventy of them are in critical...

The National natural disaster Bureau said the first blast was the equivalent of 3 tons of TNT, and the second 21 tons.

Whatever you choose to call it, China’s currency this week roiled global markets after the central bank’s sudden move to devalue it. The decision sparked fears of a new currency war and even drew the ire of Republican presidential candidate Donald Trump.

HONG KONG (AP) – World stock markets rebounded Thursday as the fall in the Chinese yuan slowed and the country’s central bank tried to dampen speculation of further devaluation.

Gold futures on the COMEX division of the New York Mercantile Exchange rose on a weaker US dollar.

People had left their high-rises and were sleeping on blankets in the street, with suitcases at the ready, the Beijing Youth Daily reported.

Hence the 4 percent fall in China’s yuan in the last two days will not change the course of business dynamics between the two nations majorly.

The move was carried out to make the yuan more market-oriented. Malaysia’s ringgit and the Indonesia rupiah plunged to their lowest levels in 17 years.

Vietnam allowed the nation’s currency, the dong, to trade in a wider range, adding flexibility which could insulate the country’s exporters from China’s moves, while the Malaysian ringgit and the Indonesian rupiah both fell to their lowest levels since the 1998...

Exchange rates are among many issues likely to be on the agenda for September’s planned visit to Washington by China’s President Xi Jinping.

This story was originally published on July 29, 2015 at 4:20 p.m. Two massive explosions have rocked the Chinese port city of Tianjin.