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  • Saturday 18th January 2020

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    • Liu arrives in Washington DC for China-U.S. ‘phase one’ trade deal

      At the invitation of the United States, Chinese Vice Premier Liu He – Beijing’s chief negotiator for the China-U.S. comprehensive economic dialogue – arrives Monday in Washington to conclude a phase one trade agreement with Washington. Liu’s trip will end on Jan. 15. China announced on Dec. 13, 2019, that China and the United States agreed on the text for a phase one economic and trade agreement “based on the principle of equality and mutual respect.” The world’s two largest economies have spent nearly two years embroiled in a bitter trade dispute that imposed tit-for-tat levies on each other’s...

    • 6 European countries join barter system for Iran trade 6 European countries join barter system for Iran trade

      Paris, London and Berlin on Saturday welcomed six new European countries to the INSTEX barter mechanism, which is designed to circumvent U.S. sanctions against trade with Iran by avoiding use of the dollar. “As founding shareholders of the Instrument in Support of Trade Exchanges (INSTEX), France, Germany and the United Kingdom, also known as E3, welcome the decision taken by the governments of Belgium, Denmark, Finland, the Netherlands, Norway and Sweden, to join INSTEX as shareholders,” the three said in a joint statement. The Paris-based INSTEX was established in January 2019, as a clearing house allowing Iran to continue...

    • Yuan fall- Why is China’s currency getting weaker? yuan fall , why china's currency getting more weaker?

      China’s currency has weakened to its lowest point in more than a decade, prompting the US to label Beijing a currency manipulator. The US move came on Monday, after the currency fell below 7 yuan to the US dollar for the first time since 2008. Beijing has previously sought to prevent the currency from slipping below the symbolic level. The escalation of the trade war, sparked by fresh US tariff threats, is seen to have prompted the policy shift. On Monday, the People’s Bank of China (PBOC) said the slump in the yuan was driven by “unilateralism and trade protectionism...

    • U.S. stock market and hiring show red flags from escalated trade tension

      Renewed trade fears fueled by U.S. President Donald Trump’s plan on Thursday to impose 10 percent tariffs on 300-billion-U.S.-dollars’ worth of Chinese imports starting September 1, sent the benchmark S&P 500 Index and Nasdaq to their worst weekly percentage plunges since December. The blue chip Dow and the S&P 500 hit their lowest levels since late June, with the S&P 500 and the Nasdaq registering their fifth consecutive day of losses. U.S. 10-year Treasury yields also saw their steepest weekly decline in over seven years. On Friday, Chinese Foreign Ministry spokesperson Hua Chunying stated that China strongly opposes the...

    • China and U.S. to resume trade consultations next week in Shanghai

      China and the U.S. will hold the 12th round of high-level economic and trade consultations on July 30 and 31 in Shanghai in an effort to resolve the year-long trade dispute between the two countries, China’s Ministry of Commerce (MOFCOM) announced during a regular press conference on Thursday. It comes after Chinese President Xi Jinping and his counterpart Donald Trump met during the G20 summit in Osaka and agreed to de-escalate tension in the year-long trade disputes. Some Chinese enterprises have made inquiries with U.S. exporters about purchasing agricultural produces and have applied for tariffs to be lifted in...

    • State Council announces 11 measures to promote opening of financial industry

      The Office of the Financial Committee of Chinese State Council announced 11 measures to promote the further opening of the financial industry on Saturday afternoon. The measures aim to further open up the Chinese financial market to the world. Here are the 11 measures: 1. Foreign-invested companies are allowed to conduct credit rating business in China, including all types of bond ratings in the inter-bank bond market and the exchange bond market. 2. Overseas financial institutions are encouraged to participate in the establishment and investment of shares. 3. Overseas asset management institutions are allowed to establish joint ventures with...

    • Xi, Trump agree to restart China-U.S. trade consultations

        Chinese President Xi Jinping and his U.S. counterpart Donald Trump agreed on Saturday to restart economic and trade consultations between their countries on the basis of equality and mutual respect. The U.S. side said it will not add new tariffs on Chinese exports. The two countries’ economic and trade negotiating teams will discuss specific issues. The two leaders met on the sidelines of a summit of the Group of 20 major economies in the Japanese city of Osaka. At the beginning of their meeting, Xi said that despite the great changes that have taken place in the international...

    • Huawei signs deal with Russian telecoms firm to develop 5G huawei signed russia for 5g network

      Huawei has signed a deal with Russian telecoms firm MTS to develop 5G technology in Russia. The companies will develop next-generation 5G networks in Russia over the next year, reports said. The deal was agreed as China’s President Xi Jinping began a three-day visit to Russia. It comes as some Western countries, led by the US, have blocked the Chinese firm on concerns it poses a national security risk. The deal will see “the development of 5G technologies and the pilot launch of fifth generation networks in 2019 and 2020,” MTS said in a statement, according to AFP. The...

    • White paper: U.S. tariffs hurt both economies and the entire world

      China released a white paper titled “China’s Position on the China-U.S. Economic and Trade Consultations” on Sunday morning, regarding its stance on economic and trade talks with the U.S. The U.S. has been rebellious and dishonest in the China-U.S. trade talks, said the paper. “China has always adhered to the consultative position of equality, mutual benefit and good faith during the trade talks,” it added. The paper also noted China’s position which has been consistent and clear – that cooperation serves the interests of the two countries, that conflict can only hurt both, and that cooperation is the only...

    • Huawei fully prepared for U.S. ban, would be fine without chips from American suppliers

      Huawei’s CEO and founder Ren Zhengfei said on Saturday the company was fully prepared for the U.S. restriction, and that Huawei would be “fine” even if U.S. smartphone chipmaker would not sell chips to the company. Huawei’s chip arm HiSilicon said on Friday it has long been prepared for the scenario that it could be banned from purchasing U.S. chips and technology, the company had been vigorously investing in self-developed technologies, and is able to ensure a steady supply of most products to make sure Huawei will be able to continue serving its customers. U.S. President Donald Trump on...