The Great Decline
Another day and another chance for China’s central bank to lower the guiding rate for the yuan. It is the third consecutive time the bank has taken such action with its currency. Thursday’s rate of 1% down against the dollar is a smaller margin than the shock cuts earlier this week.
The bank had on Tuesday announced it would start setting the daily rate based partly on the previous day’s trading, bringing the yuan closer to a free-floating currency. However, the big move erupted with concerns over a currency war to boost China’s exports.
There has been recent data showing a decline in Chinese exports, adding to the worries that the world’s second largest economy was headed for a slowdown. A weaker yuan will set for products to be cheaper abroad, which will make Chinese companies more competitive in an international market.
2015 NFL Preseason Preview: Let The Games Begin
This Is Why Your Phone Shuts Down at 5% Battery Life
-
In a significant escalation of the ongoing dispute over misinformation, Brazil Supreme Court Justice Alexandre de Moraes has initiated...
-
Mumbai Takes the Throne for the Most Billionaires in Asia In a historic milestone, Mumbai has overtaken Beijing to...
-
French President Emmanuel Macron emphasized the need for Western powers to remain vigilant in the face of the Ukraine...
-
The Philippines has strongly denounced what it described as “unprovoked acts of coercion and dangerous maneuvers” by China in...
-
As Moscow Prepares to Bid Adieu, Navalny’s Funeral Raises Uncertainties and International Allegations The spokesperson for Alexei Navalny has...
-
On the two-year anniversary of the ongoing conflict between Ukraine and Russia, there is much to reflect upon. Since...
-
The Office for National Statistics (ONS) released official figures on Wednesday, revealing that the United Kingdom posted a record...
-
Greece has become the first Christian Orthodox-majority country to legalize same-sex marriage, marking a significant step forward for LGBTQ+...
-
Massive Deflation in China as CPI Plummets by 0.8% China faces mounting challenges as its consumer prices spiral deeper...
-
3 Days of Consecutive Snowing Has Wreaked Havoc on Transportation As China prepares to celebrate the Lunar New Year,...
-
Rapid Growth in Electric Cars Propels China to The Forefront of Global Vehicle Exports China has surpassed Japan as...
-
Pakistan’s Political Landscape Suffers a Shift Following Khan’s Sentencing Former Pakistani Prime Minister Imran Khan and his wife, Bushra...