SHANGHAI, Sept 25 (Reuters) - China's yuan on Tuesday eased against dollar in thin trade as a long holiday nears, while escalating Sino-U.S. trade tension continued to dent market sentiment. The United States and China imposed fresh tariffs on each other's goods on Monday as the world's biggest economies showed no signs of backing down from an increasingly bitter trade dispute that is expected to hit global economic growth. China, which has accused Washington of being insincere in the negotiations, had decided not to send Vice Premier Liu He to Washington this week, the Wall Street Journal reported late last week. And Chinese Vice Commerce Minister Wang Shouwen said on Tuesday that it is difficult for Sino-U.S. trade talks to proceed, with the United States putting "a knife to China's neck". Market participants said yuan trading was relatively tepid early on Tuesday, the day after the Mid-Autumn Festival holiday and close to China's week-long National Day holiday that begins on Oct 1. Traders said Tuesday's yuan slip was mainly driven by some corporate clients' month-end dollar demand, and that with the long holiday break near, interest in holding large amounts of positions remained low. Prior to market opening on Tuesday, the People's Bank of China (PBOC) set the midpoint rate at 6.844 per dollar, close to expectations and 83 pips weaker than Friday's fix of 6.8357. In the spot market, the onshore yuan opened at 6.8584 per dollar and was changing hands at 6.8627 at midday, 27 pips weaker than the previous late session close. Spot yuan moved in a very thin range of around 70 pips in morning trade, while trading volume by midday was about $11.035 billion, compared with roughly $15 billion for half day on normal half-day trading. Some traders expect the yuan to continue trading between 6.8 and 6.9 per dollar in the near term. Traders are waiting for the policy meeting starting later on Tuesday of the Federal Reserve - which is expected to hike U.S. rates for the third time this year - to see if the PBOC follows suit. Most yuan traders and analysts expect China's central bank to stand pat. "China might continue to keep rates on hold following the Fed rate hike," said Nie Wen, economist at Hwabao Trust in Shanghai. He added that if the PBOC also lifts rates, "it will undo earlier measures to expand credit and improve transmission of monetary policy. It actually means there was no policy relaxation in the end." China's ability to stabilise the yuan in recent weeks despite weak economic data and an escalation in its trade war with the United States is reinforcing expectations that the central bank will cut banks' reserve ratios again within weeks. The Thomson Reuters/HKEX Global CNH index, which tracks the offshore yuan against a basket of currencies on a daily basis, stood at 92.94, firmer than the previous day's 92.85. The global dollar index rose to 94.334 from the previous close of 94.185. The offshore yuan was trading 0.02 percent weaker than the onshore spot at 6.8643 per dollar. Offshore one-year non-deliverable forwards contracts (NDFs), considered the best available proxy for forward-looking market expectations of the yuan's value, traded at 6.942, 1.41 percent weaker than the midpoint. One-year NDFs are settled against the midpoint, not the spot rate. The yuan market at 0422 GMT: ONSHORE SPOT: Item Current Previous Change PBOC midpoint 6.844 6.8357 -0.12% Spot yuan 6.8627 6.86 -0.04% Divergence from 0.27% midpoint* Spot change YTD -5.18% Spot change since 2005 20.60% revaluation Key indexes: Item Current Previous Change Thomson 92.94 92.85 0.1 Reuters/HKEX CNH index Dollar index 94.334 94.185 0.2 *Divergence of the dollar/yuan exchange rate. Negative number indicates that spot yuan is trading stronger than the midpoint. The People's Bank of China (PBOC) allows the exchange rate to rise or fall 2 percent from official midpoint rate it sets each morning. OFFSHORE CNH MARKET Instrument Current Difference from onshore Offshore spot yuan 6.8643 -0.02% * Offshore 6.942 -1.41% non-deliverable forwards ** *Premium for offshore spot over onshore **Figure reflects difference from PBOC's official midpoint, since non-deliverable forwards are settled against the midpoint. . (Reporting by Winni Zhou and Andrew Galbraith; Editing by Richard Borsuk)
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SHANGHAI, Sept 25 (Reuters) – China’s yuan on Tuesday eased against dollar in thin trade as a long holiday nears, while escalating Sino-U.S. trade tension continued to dent market sentiment. The United States and China imposed fresh tariffs on each other’s goods on Monday as...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves Online news HienaLouca
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