yuan

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Latest Chinese Move: Quarantine the Money

Central bank plans to take banknotes out of circulation, disinfect them

(Newser) - China is moving to do some serious money laundering in order to slow coronavirus: All yuan notes collected by hospitals, wet markets, and buses will be destroyed, the Guangzhou branch of the People’s Bank of China says. A deputy governor of the central bank earlier said that nearly $86...

Treasury Makes 'Unexpected' Move Against China

Labels it a currency manipulator

(Newser) - The US labeled China a currency manipulator in 1994—and bestowed the same designation on it 25 years later. The move, which the AP brands as "unexpected," was made by the Treasury Department and comes after China let the yuan weaken to an 11-year low on Monday, a...

Dow Closes Down 767 Points After China's 'Breaking 7' News

The yuan has dropped to the 7-per-dollar level

(Newser) - By late afternoon local time Monday, one Chinese yuan was worth 14.2 cents. It hasn't been that low since February 2008, and that puts it "below the politically sensitive" seven-per-dollar level. The "breaking seven" news garnered comments from President Trump and triggered Wall Street's worst...

Chinese Yuan Hits 'Important Milestone'

It joins an elite club used for Special Drawing Rights

(Newser) - The Chinese yuan will join a basket of the world's leading currencies. The International Monetary Fund said Monday the yuan "met all existing criteria" to be included with the US dollar, euro, Japanese yen, and the British pound as one of the currencies used for the global organization'...

Currency War? Chinese Move Shakes World Markets

Country's economy may be in worse shape than thought

(Newser) - In a move that some analysts fear could be the start of a "global currency war," China's yuan dropped again today, dragging other Asian currencies down with it. Today's drop against the dollar was the second biggest since 1994, exceeded only by yesterday's , and the...

Chinese Imports Just Got Cheaper

Yuan devalued after trade slump

(Newser) - China devalued its tightly controlled currency today following a slump in trade, allowing the yuan's biggest one-day decline in a decade. The central bank says the "one-off depreciation" of 1.9% against the dollar, which follows signs of a weakening Chinese economy, is a move to make its...

Booming China Wants More of Our ... Soybeans

Exports are up, but so is the trade deficit

(Newser) - China is growing richer, and it wants more and more of what our land produces. US exports to the country are up 50% over 2008, and food led the pack last year—soybeans in particular. Why? They're cheaper to import than feed grain, and are used to beef up...

Japan, China Cut Currency Deal, Shun Dollar

Leaders also discuss North Korea

(Newser) - Japanese Prime Minister Yoshihiko Noda met with Chinese President Hu Jintao in Beijing today, and emerged with a number of deals—including one that will marginalize the US dollar in Asia. The countries agreed to promote direct yuan-yen trades, the Wall Street Journal reports; until now, the money has usually...

Apple Now Takes Chinese Currency for Apps

It welcomes the yuan, and a huge new market

(Newser) - iPhone, iPod, and iPad apps can now be paid for with Chinese yuan. Customers of more than 20 Chinese banks are now able to use the yuan to purchase apps for their Apple devices, while previously they were required to use a dual-currency credit card—an obstacle that encouraged many...

Senate Warns China of Sanctions Over Currency

But measure is likely to die on the House

(Newser) - The Senate voted today to threaten China with higher tariffs on Chinese products made cheap through an artificially undervalued currency, which lawmakers blame for destroying American jobs. The House of Representatives, though, is unlikely to take up the bill, which some American businesses warn could trigger a trade war. The...

China Threatens 'Trade War' Over Senate Bill

Bill would place tariff on countries that depress their currencies

(Newser) - A senior Chinese official warned today that the US is in for a “trade war” if it enacts a Senate bill that would punish China for artificially keeping its currency low. The bill “in no way represents the reality of the economic and trade relationship between China and...

China Sets Yuan Rate at New High

Central bank hopes worldwide risk-aversion won't hurt at home: expert

(Newser) - China has set the guiding rate for the yuan at its highest yet, despite investors worldwide pushing the currency downward, the Wall Street Journal reports. The move points to China’s central bank’s resolve not to let global economic concerns foil its long upward push for the yuan, a...

China Jacks Up Interest Rates
 China Jacks Up Interest Rates 
Feb 8, 2011 5:55 AM CST

China Jacks Up Interest Rates

Country trying to slow down runaway growth, inflation

(Newser) - China pumped up its interest rates for the third time in four months today, in a desperate attempt to rein in inflation. One-year deposit rates rose to 3%, and the one-year lending rate to 6.06%, the New York Times reports, and analysts expect still more increases down the road.

China Prez: US Buck Is Has-Been Currency Giant

President Hu Jintao aims to make yuan global heavyweight

(Newser) - More from Hu Jintao's rare interview with the American press: An international currency system ruled by the American dollar is a "product of the past," complains China's president, who indicated the yuan was on a path toward becoming an international currency. President Hu Jintao conceded it would be...

Ahead of Visit, China's Hu Talks 'Common Ground'
Ahead of Visit, China's Hu
Talks 'Common Ground'
RARE INTERVIEW
Jan 16, 2011 1:21 PM CST

Ahead of Visit, China's Hu Talks 'Common Ground'

Provides written answers to cherry-picked questions

(Newser) - Chinese President Hu Jintao is speaking to the American media—albeit through written answers to questions he selected from lists submitted to him by the Washington Post and the Wall Street Journal —for the first time since 2008. Among the topics? "Common ground," the dollar, and the...

Traders Go Nuts for Newly Available Yuan

Price won't appreciate much, but currency is flowing

(Newser) - Currency traders are going wild over their latest toy: China’s yuan. In the few months since Beijing allowed its currency to be bought and sold outside the mainland, daily trading has shot from zero to $400 million, the Wall Street Journal reports. Though China still maintains strict control over...

House Votes to Sanction China Over Currency

Bill passes with big majority, but Senate prospects unclear

(Newser) - The House has approved legislation that would allow the US to seek trade sanctions against China and other nations for manipulating their currency to gain trade advantages. The 348-79 vote yesterday sends the measure to the Senate, where its prospects are unclear. Senate supporters hope to get a vote on...

Obama Pressures China on Currency

Prez says he'll take action to protect US interests if yuan isn't revalued

(Newser) - President Obama has threatened to get tough with China if it doesn't hurry up and revalue its artificially low currency. The president spent most of a 2-hour meeting with Wen Jiabao yesterday pressuring the Chinese premier on the yuan issue, sending the message that "if the Chinese don’t...

China's Hurting Us By Lending to Us
 China's Hurting Us 
 By Lending to Us 
Paul Krugman
Sep 13, 2010 1:49 PM CDT

China's Hurting Us By Lending to Us

Japan's figured this out, why can't we?

(Newser) - When Japan’s finance minister complained last week about recent Chinese purchases of Japanese bonds, it “made me want to bang my head against the wall in frustration,” writes Paul Krugman of the New York Times . See, the US has repeatedly refused to do anything about China’s...

China to Let Currency Rise
 China to Let Currency Rise 
Apr 8, 2010 9:02 AM CDT

China to Let Currency Rise

But it'll also be able to fall, to deter speculators

(Newser) - China plans to revise its currency policies within a few days, producing an instant rise in the yuan against the dollar, and allowing greater fluctuation in the future, sources tell the New York Times . China’s Commerce Ministry has vigorously opposed such a move, but it appears to have lost...

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