China signals change of course on its currency policy
PTI China has hinted at changing its long-standing yuan policy to liberalise its currency against the dollar, signalling willingness to alter course on exchange rates amid US President Donald Trump's threats of a trade war. For the first time in an annual government report, China included the requirement to ensure the stable global status of yuan as one of its major tasks, dropping the line "keeping a stable yuan at a reasonable and balanced level" which was included in the previous three reports, Hong Kong-based South China Morning Post reported on Monday. In his lengthy work report submitted to China's parliament, the National People's Congress (NPC) on Sunday, Chinese Premier Li Keqiang said "the renminbi exchange rate will be ...
China's foreign trade declines, record drop in forex reserves
Source: PTI China on Tuesday said its foreign trade in August decreased 9.7% year on year to about $320.8 billion amid rising concerns over the record drop of $93.9 billion in the Communist giant's foreign exchange reserves last month. Latest data released by General Administration of Customs (GAC) shows that while exports fell 6.1% year on year to 1.2 trillion yuan, compared with an 8.9% drop in July, the imports slumped 14.3% to 836.1 billion yuan, compared with July's decrease of 8.6%. Trade surplus expanded by 20.1% to 368 billion yuan in August. In the first eight months of 2015, foreign trade slipped 7.7% year on year to 15.67 trillion yuan, the GAC figures showed. Exports dipped 1.6% to 8.95 trillion ...
