Chinamasa also announced that Zimbabwe will officially make the Chinese yuan legal tender as it seeks to increase trade with Beijing.
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US consumer spending rose 0.3 percent in November
The median forecast of economists surveyed by Bloomberg projected incomes would rise 0.2 per cent in November. There are also early signs that businesses are offering higher pay to attract and keep workers.
“To the extent the stimulus measures will ensure that a significant Chinese economic slowdown is forestalled, we see these as positive for the region, given the key role China plays in regional trade”, BSP Governor Amando Tetangco Jr., said in a text message to reporters.
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Kirk Cousins led a 10-play, 84-yard drive in a little more than 5 minutes capped off with a 3-yard touchdown pass to Jordan Reed. Watkins piled up additional accolades in the team’s 35-25 loss at Washington . “Whoever it is, good luck to them”.
According to the finance minister, Chinese tourists could start paying for services in yuan and Zimbabwe could use the currency to pay its loans to China.
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Zimbabwe abandoned its currency – the Zim dollar – in 2009, after hyperinflation peaked around 500 billion percent. “China wants to shed the perceived image of the [renminbi] as a “soft United States dollars peg” as it moves towards a “clean floating” FX regime, which is necessary for greater monetary policy flexibility”, the strategist said in new research. He said a number of countries had already taken this route, moreso under bilateral payment agreements. Yuan was included amongst the foreign currencies later, but it did not receive approval for public transactions.
The yuan has been winning acceptability worldwide in recent years, although never as a legal tender in another country until now.
On Dec. 12, China said it would stop pegging the yuan exclusively to the dollar and instead tie it to a basket of currencies that include the yen and the British pound. Rather than loans from the central bank, the money forgiven this week was overdue principal on a zero-interest loan – vehicles China has been using as a form of foreign aid, said Brautigam. In the late summer, following months of turbulence in China’s equity markets, the People’s Bank of China (PBOC), the country’s central bank, intervened to adjust the renminbi’s managed float to keep it in line with market forces. Exports have been contracting in nine out of the first 11 months of this year, forcing some companies to cut prices and subsequently lower wages in order to become more competitive.
If we were to liken the relationship between equity markets and foreign exchange rates to marriage, social media postings would be reading “It’s complicated” for China and “Soon to be divorced” for Japan. China’s move can be read as a central bank signal to the market that it plans to devalue its currency further.
“Banks seem to pass their own sanctions package against us, including those who deposit with them”, Mugabe said.
An extension will support China’s push to increase global yuan usage after the International Monetary Fund made a decision to admit the currency into its Special Drawing Rights. Investing in foreign-denominated and/or -domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. The yuan’s new status is likely to lead to higher demand for the currency, albeit slowly over time. “In the long term, such reforms will benefit the yuan’s exchange rate”.
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The release of the CFETS RMB index is a signal to the market that the central bank still considers the yuan as overvalued.
