EghtesadOnline: Euro and the Chinese yuan topped the Central Bank of Iran's list of subsidized currencies allocated for imports in the past 13 months, with USD at the bottom of the list.
EghtesadOnline: World stocks were dragged lower on Wednesday by growing anxiety ahead of Washington’s end of week deadline to impose tariffs on Chinese imports, while the yuan rebounded after China’s central bank moved to calm investors.
EghtesadOnline: China is comfortable with a weakening yuan, intervening only to prevent any rapid and destabilising declines or to restore market confidence, as the economy loses momentum and faces further risks from a heated trade dispute with the United States, policy insiders said.
EghtesadOnline: Asian investors deferred taking any major positions ahead of the Federal Reserve’s policy meeting that’s expected to focus on unwinding stimulus efforts. Stocks in the region diverged, while China’s yuan slipped as the dollar maintained gains.
EghtesadOnline: For a managed currency, the direction of China’s yuan is proving hard to predict. Despite a constant drumbeat from policy makers that it would be kept “stable” in 2017, the year of the all-important Communist Party Congress, the currency has made a stunning about turn. After two years of beating back the bears, Beijing is now being confronted with the opposite problem as the dollar’s slide fuels appreciation pressure.
EghtesadOnline: The market for foreign issuers of bonds in Chinese yuan is shifting away from Hong Kong towards the mainland, in a sign that the city-state’s once vibrant market for such debt may never reach its past heights.
EghtesadOnline: The onshore yuan rose for the sixth day in a row, the longest run of gains since 2015, boosted by a stronger central bank fixing and data showing China’s economy held up in the second quarter.
EghtesadOnline: The dollar held firm on Wednesday, having rebounded from 6-1/2-month lows against its major peers helped by a rise in U.S. Treasury yields, while the yuan eased after Moody's cut its sovereign rating on China due to concerns over the country's soaring debt.
EghtesadOnline: Policymakers in China are pushing a bullish message on the world's second-biggest economy after a solid first quarter, pointing to a slow down in capital outflows and a stable yuan after a selloff last year stoked fears of instability.
EghtesadOnline: The U.S. stopped short of branding China a currency manipulator, but urged the world’s second-largest economy to let the yuan rise with market forces and embrace more trade.