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China is allowing U.S. currency traders to have a crack at its tightly controlled currency, the yuan, but analysts say the move will have more impact on international politics than markets.
“It’s a peace offering to the rest of the world,” said Dean Popplewell, chief currency strategist at the Toronto office of the Oanda Corp., a currency trading services company. Get the full story »
China should let the yuan rise further to help its transition toward a consumption-based economy, although there is no clear evidence the currency is undervalued, a senior executive at Goldman Sachs said on Monday.
Higher inflation in China had contributed to rises in the yuan’s real exchange rate, said Jim O’Neill, chairman of Goldman Sachs asset management. Get the full story »
The Obama administration faces a tough call Friday whether to label China a currency manipulator, a move long demanded by many U.S. lawmakers but also a potentially big wrench in an important relationship. Get the full story »
The Senate is unlikely to vote on legislation to pressure China to raise the value of its currency until after the November 2 congressional elections, a Democratic senator said on Tuesday. Get the full story »
A faster appreciation of the Chinese yuan by Beijing would be “appropriate,” the head of the European Union delegation to the U.S. said Friday.
EU Ambassador Joao Vale de Almeida said there is greater potential for collaboration between the U.S. and Europe, particularly in Group of 20 nation negotiations, to press more rapid reform of China’s currency to a market-based rate.
