Cutebwoy: China lowers RMB exchange value
Economy News _ Baghdad
The Chinese People’s Bank (the central bank) on Tuesday, amid another round of worsening trade disputes with the United States, sharply lowered the value of “Yuan” in exchange for the US dollar by 0.6 percent, according to the regulator.
The central bank has set the RMB exchange rate at 6.8365 per dollar, which is below 411 points from the average selection, which was announced earlier, when the exchange rate form was 6.7954 per dollar.
Against the backdrop of the ongoing trade war with the United States, the Chinese currency rate has declined dramatically since the beginning of the year, and the central bank has confirmed that it will maintain the exchange rate at a rational and stable level.
Chinese authorities, including Premier Li Ke Qiang, have repeatedly stated that they will not turn the yuan exchange rate into a tool to react to the trade dispute.
China plans to impose tariffs on US goods worth $60 billion, after the United States stepped up a bitter trade war and lifted the tariffs on Chinese products worth 200 billion dollars, the finance ministry said on Monday.
According to Reuters, the ministry said in a statement on Monday that China would impose tariffs on 5140 us products from June.
US president Donald Trump on Monday warned China to respond to the increase in tariffs imposed on Chinese goods last week, saying that American consumers would not pay for any increase in tariffs.