Asian Economies Remain Concerned About Trade with US

Trump heaped criticism on China during his campaign saying they deliberately undervalued their currency, the yuan, to gain an advantage in global trade and create a wide trade deficit with the United States.

China does not fully meet the department's definition of a currency manipulator because it has recently been buying yuan to prevent a sudden drop in the Chinese currency, instead of steering it lower.

Treasury Secretary Steven Mnuchin pledged to continue to monitor currency practices closely, saying that an essential component of the Trump administration's strategy is to ensure that American workers and companies face a level playing field when competing internationally.

Economists and business leaders had said that China wasn't manipulating its currency. It kept China, South Korea, Japan, Taiwan, Germany and Switzerland on its foreign-exchange monitoring list.

Still, despite that reversal, the report said a decade of holding down the renminbi had imposed "significant and long-lasting hardship on American workers and companies" and left China with the largest trade surplus of any country against the United States - $347 billion a year ago.

Washington D.C. [United States], Apr. 15 (ANI): The Trump administration has not labeled any country, including China, as a currency manipulator in a report examining exchange rate fluctuations.

Economists agree that China doesn't now merit the label of currency manipulator, and has not engaged in the practice for several years.




"When our trading partners engage in currency manipulation, they impose significant, and often long-lasting hardship on American workers and businesses", he said.

Taiwan's Central Bank said Saturday that the results have been anticipated by the bank so the latest US currency report is unlikely to impose any material adverse impact on the local foreign exchange market.

The decision not to name China a currency manipulator has marked one of the sharpest major reversals of Trump's young presidency.

Harry Yen (顏輝煌), head of the local central bank's foreign exchange department, said that the bank has established an effective communication channel with the U.S. Treasury and will express its opinions about the department's concerns over the New Taiwan dollar and U.S. dollar exchange rate.

Trump has softened his rhetoric against China's trade practices as Beijing has intervened in foreign exchange markets to prop up the value of its yuan, and as he looks to China for help dealing with rising tension on the Korean peninsula. In a recent interview after meeting China's President Xi Jinping, he said he no longer planned to go ahead with the move.

A 2015 law requires the Treasury Department to review the currency practices of major trading partners using three criteria, including exporting more than it imports to the US, and persistently buying or selling its currency to change its value.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Dustin Johnson headed back to PGA Tour at Wells Fargo
Johnson originally warmed up as if he were going to play, but decided not to risk further injury. Johnson, 32, injured his back in a fall down a staircase just before the start of the Masters.

Everything we know about the OnePlus 5 so far
OnePlus, known for their top-tier features and fairly cheap smartphones, is now rumored around its upcoming handset OnePlus 5 . OnePlus 5 is said to be running on Android 7.0 Nougat operating system out of the box, and OnePlus OxygenOS UI on top of it.

Taiwan Is First Country in Asia to Ban Eating Cats and Dogs
In addition to the fine, they could face public criticism - as their names and photographs could be published by media outlets. The revised Animal Protection Act imposes hefty fine of up to Taiwan $250,000 (£6,500) for anyone found breaching the new law.

Finn Bálor suffered a concussion during match with Jinder Mahal on Raw
- The dark match before Tuesday night's WWE SmackDown in Boston saw Tyler Breeze and Fandango defeat The Ascension. That beer throw means that Gronk and Mahal officially now have the world's most intense drink-throwing feud going.

Uber's revenue hits $6.5 billion in 2016, still makes large loss
While Uber did not disclose earnings for the first quarter of this year, the company said they were in line with expectations. Some companies that would likely rank higher than Uber on a GAAP-accounting basis would fall lower on a non-GAAP list.

Fowler sits 3rd at Masters: 'Right where I'm supposed to be'
He picked up two more on the par 5s and finished with birdie putts of 20 feet and 12 feet on the last two holes for a 5-under 67. There are quite a few certainties at the Masters - Amen Corner, green jackets, fast greens, pimento cheese sandwiches.

MI vs SRH Live Streaming, IPL 2017 Live Score Updates
With toss being a crucial factor, both Mumbai Indians and Sunrisers Hyderabad will want to bat second and chase the target. Rashid Khan from Afghanistan is doing what Mustafizur Rahman did the past year .

Chinese foreign minister: No winners if Korea war breaks out
But there are few good diplomatic or economic options for the Trump administration. Yi said that if a war occurs, everyone will lose.

Man arrested in connection to Vanessa Marcotte murder case
Massachusetts State Police arrested 31-year-old Angelo Colon Ortiz in death of Vanessa Marcotte in Princeton in August 2016. She went for a run on the afternoon of August 7, and she was reported missing when she didn't return home as expected.

The internet is helping a teenager achieve his chicken nugget dreams
Wilkerson's parents are lobbying for Wendy's to donate the prize, or to consider another form of reward to give to those in need. The teen spoke to the Reno Gazette-Journal when the tweet first took off, explaining that he sent his original query as a joke.

New state law authorizes school nurses/others to administer drugs in opioid overdoses
He says the state must also ensure West Virginia patients get treatment from providers "who are current with clinical knowledge". It also would apply $90 million from the state's rainy-day fund to help close a projected budget deficit.

N'Golo Kante favourite to win PFA Player of the Year award
The post Pochettino Surprised Alli Not Nominated For PFA Player Of The Year appeared first on 360Nobs.com. The shortlist was released today, with the Chelsea duo leading the charge.

4 dead in Long Island park
In September, the bodies of two teenage girls aged 15 and 16 were found mutilated by machetes in nearby Brentwood. Authorities say that MS-13 is already responsible for six killings in Long Island over the last several months.

Sprint HTC One M9 Nougat Update Rolling Out
Besides the updated Android OS build, the update includes the February 2017 security update and system performance enhancements. The carrier has already updated the official pages for the two phones, confirming that the update is indeed rolling out.

Browns 2017 Preseason Schedule Announced, Will Host Giants Aug
The final two games are on the road, at Tampa Bay the weekend of August 24-27, and at Chicago the weekend of August 31-Sept. 1. The Cleveland Browns have announced their preseason schedule, and they get games for the 2017 season underway in mid-August.


More News

News
More News