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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    China and the IMF vow to avoid using the currency as a commercial weapon

    Rocky
    Rocky
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    China and the IMF vow to avoid using the currency as a commercial weapon Empty China and the IMF vow to avoid using the currency as a commercial weapon

    Post by Rocky Sat 13 Oct 2018, 2:11 pm

    China and the IMF vow to avoid using the currency as a commercial weapon


    China and the IMF vow to avoid using the currency as a commercial weapon 10542

    China's central bank governor vowed on Saturday to keep the value of the yuan "highly stable", a sign that Beijing may seek to prevent the trade dispute with the United States from escalating into a currency war .
     
    Group photo of participants at annual meetings of the International Monetary Fund and the World Bank in Bali, Indonesia on Saturday. take photo. Johannes Christo - Reuters
    The Chinese People's Bank (People's Bank) Governor Yi Gang made the remarks during the annual meetings of the International Monetary Fund and the World Bank in Bali, while US Treasury Secretary Stephen Menochin said that Chinese officials had told him that a more yuan cut was not in China's interest .
     
    Manochin stressed his concern that the large devaluation of the yuan this year is part of efforts to gain a trade advantage for Chinese exports or to offset the impact of US tariffs .
     
    The yuan has fallen more than 8 percent against the dollar since the end of April to about 6.91 yuan to the dollar on Friday, close to the psychologically important level of seven yuan, which has not registered in a decade .
     
    "China will continue to allow the market to play a decisive role in determining the yuan's exchange rate," Yi said in a statement issued by the International Monetary and Financial Committee on Saturday. "We will not reduce the currency to enhance competitiveness. We will not use the exchange rate as a tool to deal with trade disputes ."
     
    The central bank governor's statement, along with currency pledges in the final communique issued by the IMF's member states, is on track to intensify the trade dialogue, as rising trade disputes and rising borrowing costs threaten global growth .
     
    In a statement issued by the IMF Steering Committee, Member States also agreed to discuss ways to improve the WTO so as to better resolve trade disputes .
     
    "We recognize that fair investment and free trade in goods and services on the basis of mutual benefit are key drivers of growth and job creation," the International Monetary and Financial Committee said in the statement .
     
    "We will refrain from currency cuts to enhance competitiveness, and we will not target our exchange rates for competition ."
     

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