The question is straightforward enough, even if it does sound a bit abstract and academic: What does China want its currency—the yuan—to be? The answer is much more important, both to the state of global financial markets and to the way the international financial and trade system now functions, than most people realize. A currency is, at root, a medium of exchange, but when someone asks, What does China want its currency to be?, that's not the answer. Currencies are—or can be—so much more than that. The U.S. dollar's post-World War II role as a so-called "reserve currency''—the default medium of exchange for virtually all international trade, and the place where in a crisis nearly everyone runs—had everything to do with the U.S.'s role in the world. Not only was its economy the world's largest and its financial markets the deepest and most liquid, but it enforced (first in the "free" world during the Cold War, then globally ever since) a … [Read more...] about What’s Behind Washington’s Tussle With China Over China’s Asia Bank?
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United States President Donald Trump on Friday lashed back at a new round of Chinese tariffs by heaping an additional 5% duty on some $550 billion in targeted Chinese goods in the latest tit-for-tat trade war escalation by the world’s two largest economies. Trump’s move, announced on Twitter, came hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. goods, prompting the president earlier in the day to demand U.S. companies move their operations out of China, Reuters reported. The intensifying U.S.-China trade war stoked market fears that the global economy will tip into recession, sending U.S. stocks into a tailspin, with the Nasdaq Composite.IXIC down 3%, and the S&P 500.SPX down 2.6%. ALSO READ: Take bribe, get fired, FRSC warns personnel U.S. Treasury yields also declined as investors sought safe-haven assets, and crude oil, targeted for the first time by Chinese tariffs, fell sharply. According to the Reuters report, Trump’s … [Read more...] about Trump responds China with another 5% tariff increase
The situation, however, has produced both opportunities and challenges for Vietnamese enterprises in building a trademark for local farm produce that is recognized in foreign markets. Cao Thi Kim Lan, director of Binh Dinh Fishery JSC, said that due to the European Commission’s yellow card on Vietnam’s seafood exports to the European market, 100% of the firm’s exported seafood products were being detained at destination ports for check. The firm has faced multiple difficulties in meeting requirements related to the origins of legal fishing products. Of the 10 fishing boats supplying these materials, the company has only made purchases from three or four boats that have succeeded in meeting the requirements, while the remaining boats failed to sell their products as their owners could not present any fishing diaries or identify their fishing locations. Keeping detailed diaries on fishing practices seems strange to fishermen who are used to traditional fishing … [Read more...] about Foreign markets tighten control on origin traceability
Photo: PRWeb Photo: PRWeb Image 1 of / 1 Caption Close Image 1 of 1 Photo: PRWeb transcosmos’s clients GMV on Double 11 (China’s biggest shopping festival) exceeds 65.2 billion yen 1 / 1 Back to Gallery Helps clients expand their brand recognition and achieve sales by featuring viya, the top Taobao KOL and other celebrities as well as nurturing its own influencers TOKYO (PRWEB) December 06, 2019 Shanghai transcosmos Marketing Services Co., Ltd., a wholly-owned subsidiary of transcosmos inc., is proud to announce that the gross merchandise value (GMV) clients generated on e-commerce platforms such as TMALL and JD where it provides services to such clients surpassed 4.183 billion yuan (approximately 65.2 billion yen, converting 1 yuan to 15.58 … [Read more...] about transcosmos’s clients GMV on Double 11 (China’s biggest shopping festival) exceeds 65.2 billion yen
China's Ministry of Finance announced Friday that it would ease its punishing 25 percent tariffs on U.S. soybeans and pork as trade negotiations between the two countries drag on. The news should come as a relief to some U.S. soybean farmers, a group that has seen the market for their products decimated by President Donald Trump's trade war since July 2018. The latest United States Department of Agriculture data on exports to China showed that soybean sales declined precipitously from 2018 to 2019. In 2018, the U.S. exported about 25 million metric tons of soybeans to China between January and September, but only shipped 14 million tons during the same period in 2019, a 44 percent drop. "It will take years to get back to any semblance of what we had over in China," Vanessa Kummer, a North Dakota farmer, told Reuters in August. Prior to July 2018, North Dakota soybean farmers could expect to export 80 to 90 percent of their soybeans to China over the past 18 months, a market that has … [Read more...] about China Waiving Tariffs on Soybeans and Pork Could Help Farmers and Boost U.S. Exports