China Reiterates Need for Steady Yuan Amid Fragile Confidence
China reiterated the need to prevent one-sided moves in the yuan, as a resurgent dollar and poor risk sentiment pressure currencies across Asia.
China reiterated the need to prevent one-sided moves in the yuan, as a resurgent dollar and poor risk sentiment pressure currencies across Asia.
Japan’s top currency official Masato Kanda flagged a reaffirmation of existing currency commitments by the finance ministers of Group of Seven nations in Washington, as concern continues to build in Tokyo over the ongoing weakness in the yen.
Oil held the bulk of a large decline amid a slew of conflicting signals that ranged from rising stockpiles to tensions in the Middle East and the reimposition of US sanctions on Venezuelan crude.
China Tianrui Group Cement Co. said a sudden drop in its stock last week triggered a margin call involving a major shareholder, explaining the dynamic behind a dramatic plunge that wiped out nearly all of its market value.
President Joe Biden called China “xenophobic” while highlighting the Asian nation’s economic woes, as he sought to make the case for US economic strength during a campaign stop in the swing state of Pennsylvania.
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