The drop in the yuan to a low of 7.0240 per dollar triggered selling in regional stock markets.
China’s banking and insurance regulator said on Saturday it did not expect a persistent decline in the yuan and warned speculative short sellers they would suffer “heavy losses” if they bet against the currency. The yuan has lost more than 2.5 per cent against the dollar since the festering China-US trade
China’s central bank (CB) will use foreign exchange intervention and monetary policy tools to stop the yuan weakening past the key 7-per-dollar level in the near-term, three people familiar with the central bank’s thinking said. “At present, rest assured they will certainly not let it break 7,” a source told Reuters.
The United States and China said they made progress in trade talks that concluded on Friday in Beijing that Washington called “candid and constructive” as the world’s two largest economies try to resolve a bitter, nearly nine-month trade war.
China’s policymakers plan to show more support for domestic demand this year but are likely to stop short of splashing out big on direct consumer subsidies,
Dubai Harbour, the city’s extraordinary seafront district, has welcomed the iconic Queen Mary 2, the world’s only ocean liner, on its Centenary World Voyage.
The Abu Dhabi Chamber of Commerce and Industry (ADCCI) launched its new 3-year strategy on Thursday spanning from 2023 to 2025, which centres on serving the Abu Dhabi Economy