China's Premier Li Keqiang told the World Economic Forum it was essential to uphold free trade AFP/Ng Han Guan Speaking at the summer session of the World Economic Forum in the eastern city of Tianjin, Li said problems must be worked out through consultations, a day after China and the US swapped tit-for-tat tariffs. "It is essential that we uphold the basic principles of multilateralism and free trade," Li said in his speech at the "summer Davos". "For any existing problems they need to be worked out through consultation," Li said, adding that "unilateralism" does not offer solutions. The trade war between the world's two biggest economies deepened Monday when Donald Trump announced he would push ahead with tariffs on US$200 billion in Chinese goods, on top of US$50 billion already targeted. Once the latest measures are imposed next week, Washington will have placed levies on around half its imports from China. After Beijing decided to retaliate Tuesday with duties on US$60 billion … [Read more...] about Chinese premier slams ‘unilateralism’ in trade disputes
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Americas News Trump demands Fed help on economy, complains about interest rate rises The Saigon Times Daily Tuesday, Aug 21, 2018,18:22 (GMT+7) Trump demands Fed help on economy, complains about interest rate risesThe Saigon Times Daily U.S. President Donald Trump answers a question during an interview with Reuters in the Oval Office of the White House in Washington, U.S. August 20, 2018 – PHOTO: REUTERS WASHINGTON (REUTERS) - U.S. President Donald Trump said on Monday he was "not thrilled" with the Federal Reserve under his own appointee, Chairman Jerome Powell, for raising interest rates and said the U.S. central bank should do more to help him to boost the economy. In the middle of international trade disputes, Trump in an interview with Reuters also accused China and Europe of manipulating their respective currencies. American presidents have rarely criticized the Fed in recent decades because its independence has … [Read more...] about Trump demands Fed help on economy, complains about interest rate rises
A man walks past the Federal Reserve in Washington, December 16, 2015. Confronted with a plunge in its stock markets last year, China's central bank swiftly reached out to the U.S. Federal Reserve, asking it to share its play book for dealing with Wall Street's "Black Monday" crash of 1987. The request came in a July 27 email from a People's Bank of China official with a subject line: "Your urgent assistance is greatly appreciated!" In a message to a senior Fed staffer, the PBOC's New York-based chief representative for the Americas, Song Xiangyan, pointed to the day's 8.5 percent drop in Chinese stocks and said "my Governor would like to draw from your good experience." It is not known whether the PBOC had contacted the Fed to deal with previous incidents of market turmoil. The Chinese central bank and the Fed had no comment when reached by Reuters. In a Reuters analysis last year, Fed insiders, former Fed employees and economists said that there was no official hotline between … [Read more...] about China central bank to Fed: A little help, please?
The United States wants progress on China's pledge to let the yuan rise against the dollar by the time President Hu Jintao visits Washington in January, a senior official said Saturday. President Barack Obama has repeatedly stated in recent weeks that the yuan is "undervalued" and is penalising the US economy and boosting Chinese exports, and the issue formed a rift between the two sides at this week's G20 summit. "The Chinese have have indicated this is the direction they want to go on -- the pacing of it is obviously a sovereign decision by them," Obama's national security advisor Tom Donilon told reporters at a Pacific Rim summit. "We will certainly be looking to see the direction and the progress that is made. "By the time of President Hu Jintao's visit in January, I think, would be a good time to look at what has been the quantum of progress... on this." The United States wants progress on China's pledge to let the yuan rise against the dollar by the time President Hu Jintao … [Read more...] about US looking for progress on yuan by January
A top state-owned Chinese bank is allowing US customers to trade the Chinese yuan, a new step toward internationalising the closely-controlled currency, the Wall Street Journal reported Tuesday. An official of the Bank of China's New York branch said the bank's move anticipates the eventual freeing up of controls on the yuan, or renminbi (RMB), which is tightly managed by Beijing. "We're preparing for the day when renminbi becomes fully convertible," branch manager Li Xiaojing told the paper. Li said the bank wants to become "the renminbi clearing centre in America." Beijing opened up limited trading of the yuan in Hong Kong in July, and some western banks allow trading in the currency. But the Bank of China's move would be the first time a state-owned bank offered a facility for trading the yuan outside China. Li's comments came a week before Chinese President Hu Jintao is to arrive in Washington for talks with President Barack Obama. The US accusation that China keeps … [Read more...] about Chinese bank allows yuan trade in US: report