US Treasury Declares China A Currency Manipulator

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  • #21507
    Helmholtz Watson

    US Treasury Secretary Mnuchin declared China as a…



    This Move From Trump Last Week Leaving a Trail …

    Trade War Battle Fallout After US Market Close
    $ES_F DOWN Another 37 Handles
    oil Down Another 50 Cents
    $USDJPY Down 30 pips
    $EURUSD Up 22 Pips After Yuan Continues Collapse


    Westpac Note on the China US trade war transitioning into a currency war

    After Mnuchin says China is a currency manipulator

    Via Bloomberg:

    “It would be naïve to think otherwise”
    “This is another escalation of the trade war that’s very unhelpful, and will probably cause mayhem in the markets”
    “If the intent is to restore calm to the markets, this is very counterproductive.”
    sets up more of a showdown between the U.S. and China
    See further weakness in equities, bigger fall in yields, a rush to safe haven
    the trade war is morphing into a currency war


    [color=red]More Fallout

    First Squawk @FirstSquawk

    Chinese And Hong Kong Stocks Downgraded To ‘Underweight’ At Credit Suisse[/color]


    PBOC to the rescue:

    Markets rebounded on Tuesday after China’s central bank indicated it wanted its currency to trade at a higher level than expected against the dollar, easing tensions about the nation using its currency as a weapon in the trade war.

    On Tuesday morning, the People’s Bank of China set the yuan fixing at 6.9683 per dollar.
    A Reuters estimate had expected a weaker midpoint of 6.9736.
    In Monday’s Asian afternoon trading hours, the onshore currency changed hands at 7.0304 against the dollar, while the offshore yuan traded at 7.0807 against the greenback.

    The Dow Jones Industrial Average traded 220 points higher, more than 0.8%.


    Via Reuters


    Hu Xijin 胡锡进 @HuXijin_GT
    Editor-in-chief of Chinese and English editions of the Global Times

    This kind of soft tone by Trump administration is tailor made for US stock markets. Their lies have become bubbles flooding the US stock markets. Whether or not there will be negotiations, China won’t yield to Washington’s hegemony. We’re prepared for new US tariffs.

    Responding to Larry Kudlow:

    The president has said, you know, if you make a good deal or good progress on a deal, maybe he’ll be flexible on the tariffs,” Trump’s top economic advisor @larry_kudlow said. “He’s open to it, that’s really the key point.” (link:



    Cross border yuan usage rises 20% year-over-year – PBOC Official

    via Reuters

    Says that cross-border yuan usage in the January-Sept period exceeded 14 trillion yuan, up 20% year-over-year.
    Majority for securities investments.

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