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Chinese yuan to rise to 6.7 against the US dollar over the next 12 months because the Chinese economy has staged a swift recovery with the country efficiently controlling its pandemic, according to Goldman Sachs. China’s June manufacturing PMI (purchasing managers’ index) came in at coming in at 50.9, beating May’s 50.6. A figure above…
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China said it will impose sanctions on US aviation and defense giant Lockheed Martin following a possible $620m missile parts deal with Taiwan, as tensions escalate between china and America. Chinese Foreign Ministry spokesman Zhao Lijian made the announcement at a briefing in Beijing on Tuesday and called on the US to cut military ties…
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US-China relations are worsening deteriorating as each week goes by with both governments escalating trade threats and exchanging regulatory punches that threaten a wide range of industries including technology, energy and air travel. Both countries have blacklisted each other’s companies, barred flights and expelled journalists. The unfolding events have caused waves of unrest among global…
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Defaults in the China Offshore Bond Market are accelerating due to the economic fallout from the coronavirus pandemic and worldwide shutdowns of borders and entire sectors. Hilong Holding Ltd., a Chinese oil equipment and services company, became the latest to default on Monday after it failed to repay a $165m dollar bond. The group’s dire…
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Morgan Stanley chief economist Chetan Ahya does not expect the US to back out of phase one trade deal with China. Earlier this month, the two countries agreed to phase one trade deal putting some of the contentious issues for the second phase. The phase one trade deal was preceded by a trade war between…
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China’s local government bond market is failing to attract foreign investors amid limited trading and wide spreads, when they are in dire need for funds to counter the worst recession in the country since the 1970s. The sovereign bond market of China is the second-largest in the world. The country has been successful at attracting…
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The yuan will fall to its lowest since 2008 over the next three months as an increasingly hostile US policy toward China puts pressure on the currency, according to Goldman Sachs. On Friday US President Donald Trump (pictured) launched a blistering attack on Beijing saying it has “raided our factories” and “gutted” American industry. Earlier…
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China’s offshore yuan tested a record low as it faces worsening tensions with the US over Hong Kong and the source of the coronavirus pandemic, but stronger-than-expected fixing from Bejing signaled that it wants to avoid rapid depreciation. The currency rose 0.1% to 7.1699 a dollar as of 2:30 p.m. in Hong Kong. The People’s…
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Relations between the world two biggest economies China and the US are on “the brink of a new cold war”. “It’s time for the United States to give up its wishful thinking of changing China and stopping 1.4 billion people in their historic march toward modernisation,” said China’s foreign minister, Wang Yi (pictured), in a…
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Billionaire hedge fund manager Ray Dalio says China will create a new world order as it eclipses the US to become “the most powerful empire” on the globe. Dalio’s comments come amid falling global markets after China withdrew its growth domestic product [GDP] growth target, heightened tensions between the US and China, and Beijing planning…
