US Treasury secretary remains concerned about weak China currency

13 October, 2018, 08:11 | Author: Emmett Rice
  • Trump warns there is 'a lot more' he can do to China

The second round of tariffs that the Trump administration imposed on China came into effect only on September 24, so the increase in exports last month might have been the result of Chinese companies rushing to sell their products before the additional duties were added.

And Huo Jianguo, a trade expert at the Center for China and Globalization in Beijing, tells the Post that Trump might want to rethink his trade strategy when he sees that the trade deficit with China has only widened under his watch.

The U.S. Treasury chief and People's Bank of China Governor Yi Gang extensively discussed currency issues on the sidelines of the International Monetary Fund and World Bank annual meetings on the Indonesian resort island of Bali. "And that we're going to be make sure we don't have forced joint transfers and forced transfer of technology". -China trade talks and expressed his concerns about the yuan's recent weakness.

The US already carefully reviews nuclear exports through the Energy Department's so-called Part 810 authorizations, which verify if the technology goes to peaceful use and will not be sent to a third country.

The Wall Street Journal and the Washington Post have cited officials as saying Trump has chose to proceed with a meeting with Xi.

Bolton says President Donald Trump has pledged to ramp up his administration's pressure on China. But Mnuchin said this possibility did not concern him because it would not be in China's economic interests to start dumping its Treasury holdings.

More news: Samsung's Galaxy A9 comes out swinging with four rear cameras

The United States and China are now locked in an escalating trade war with the Trump administration imposing penalty tariffs on billions of dollars in Chinese goods and China retaliating by targeting USA products including soybeans for penalty tariffs. A draft report ratchets up criticism of Beijing for failing to rectify its trade imbalance, and also singles out several other countries for eroding the U.S.'s competitive edge, the people said.

"That would be very costly for them", Mnuchin said.

Over the first nine months of the year, China's surplus with its largest export market totalled $225.79 billion, compared with about $196.01 billion in the same period last year. Imports of American goods increased 9 percent to $12.6 billion, down from August's 11.1 percent growth. Export numbers have been buoyed by producers rushing to fill orders before American tariffs rose.

The United States is tightening controls on China's imports of civil nuclear technology to prevent use for military or other unauthorized purposes, the U.S. Department of Energy said on October 11.

The onshore yuan weakened 0.51 percent to 6.9240 a dollar as of 4:52 p.m.in Beijing, erasing the gains on Thursday. That prompted suggestions Beijing might weaken the exchange rate to help exporters, but that might hurt China's economy by encouraging an outflow of capital. "It's on structural issues in the China economy". The central bank has tightened controls on currency trading to prevent further declines.

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