China and U.S. try to avoid confrontation over the yuan
February 20, 2017 Category Finance, Weekly
China hopes that other nations will see the renminbi’s exchange rate “in a right manner”, Foreign Ministry Spokesman Feng Shuang said, in response to news that Washington may be exploring ways to avoid a confrontation with Beijing over currency, and Steven Mnuchin was sworn in as U.S. Treasury Secretary. Analysts said dialogue between China and the U.S. will be of vital importance during the next two months, given that Washington is set to issue its next report evaluating the foreign exchange practices of major trading partners on April 15. China has never undervalued its currency to get an export advantage, China’s Foreign Ministry said. The Washington Post speculated that the U.S. administration would avoid, at least for now, accusing China of manipulating its currency. U.S. President Donald Trump had threatened during his election campaign to label China a currency manipulator, but he has softened his tone since then. Labeling China a currency manipulator could lead to trade conflicts, hurting everyone. Li Haidong, Professor of U.S. studies at the China Foreign Affairs University, said that Beijing and Washington are likely to engage in tough negotiations in coming months, given that the label of currency manipulator would harm China’s trade interests. Trump may still label China a currency manipulator if negotiations break down, he added, as reported by the China Daily.
- KURT VANDEPUTTE (UMICORE) APPOINTED CHAIRMAN OF THE BOARD OF THE FLANDERS-CHINA CHAMBER OF COMMERCE (FCCC)
- Webinar: “Knowing Your Chinese Partner” – May 26, 2021, 10 am – 12 am
- EMA starts rolling review of CoronaVac, WHO approves Sinopharm vaccine for emergency use
- The Global Times warns not to politicize the Comprehensive Agreement on Investment (CAI)
- Hainan to become biggest duty-free market in the world