PBOC's Digital Currency "Ready" After 5 Years - capitalwatch.com - via

Soybeans are loaded into a truck at a grain elevator in Ohio Illinois U.S. on Tuesday

"If President Trump goes ahead with the 10 percent tariffs on all remaining Chinese goods come September 1, that's really going to increase the price of things like electronics, whether it's game consoles to phones, clothing, Christmas decorations, and everything else - and shoes", he said. Since 2016, China's monetary policy has actually been to prop up the yuan's value.

U.S. President Donald Trump said on Friday that he was not ready to make a trade deal with China and had decided that the United States would not do business with Chinese telecoms giant Huawei Technologies for the time being, prompting U.S. stocks to fall sharply. In the long run, it is China-US trade relations that affect the exchange rate, not the reverse, he said.

The Washington-based global crisis lender once again called for a quick resolution to the trade conflict between the world's economic superpowers.

The U.S. and China were reportedly close to a trade deal in May when China attempted to renege on enforcement provisions U.S. negotiators believed were already agreed to.

In a sense, analysts say, China has given in to monetary pressure largely resulting from US tariffs.

The PBOC began researching digital currency in 2014 at Zhou's direction.

Highlighting debt concerns, the Politburo, a top decision-making body of the Communist Party, took the unusual step last month of announcing it would not use the property market as a form of short-term stimulus.

The United States also this week declared China a currency manipulator after it allowed the yuan to slip below 7 to the dollar.

The People's Bank of China, China's central bank, recently made a claim that it has now got a "ready" digital currency.

Stocks edged down on Friday after President Donald Trump suggested a planned meeting between USA and Chinese officials next month may not take place.

"We're doing very well with China".

While Trump has crowed over the slowing Chinese economy, Daniel stressed that the gradual decline in growth is part of a process "to successfully switch from high-speed to high-quality growth".

He also said the International Monetary Fund was pressing China for structural reforms to its economy, including opening more sectors to foreign competition and reducing the role of the state in certain industry - goals also broadly sought by the Trump administration.

According to James Daniel, who is now the Fund's Chinese Department leader, the organization found, after investigation and research about the country's economic measures and policies, that the yuan's exchange rate a year ago wasn't substantially over or undervalued.



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