In the News: China's Currency Devalues; Shanghai FTZ Expands; Chinese JVs Set for Foreign Control; and UN Mediation Convention Signed
August 11, 2019 | BY
Vincent ChowThe U.S. Treasury labels China a currency manipulator after China's currency falls below seven to the dollar; China announces plans to double size of Shanghai FTZ and reduce restrictions on foreign businesses; JP Morgan and Morgan Stanley one step closer to taking control of respective JVs; and China and U.S. sign U.N Convention on Mediation in Singapore
US Labels China a Currency Manipulator after Yuan "Breaks 7"
China's currency fell below seven to the U.S. dollar last week, prompting the U.S. Treasury Department to call China a currency manipulator in another escalation of trade war tensions between the world's two largest economies. Last breached in 2008, the seven-to-the-dollar level carries no economic significance but is symbolically important. A weaker yuan makes China's exports more competitive in international trade.
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