China appears to be propping up the yuan just as it prepares to restart trade negotiations with the US.
After falling to a one-year low, the offshore yuan -- one of the world’s weakest currencies in recent months -- on Thursday surged the most since January 2017 as cash supply dwindled and the central bank set its daily fixings at stronger than expected levels. That came as the commerce ministry said it would send a delegation to the US later this month, stoking hopes of a revival of talks that stalled in June.
“China and the US are finally sharing common interests on the yuan: while Washington always wants a stronger currency, Beijing may think the exchange rate has fallen enough and needs to stabilise,” said Zhou Hao, a senior economist at Commerzbank in Singapore. “We will see intense defence if the yuan moves closer to seven per dollar.”
The New York Times, citing an unidentified person briefed on the plans, said Friday the US Treasury Department will seek to pressure China to strengthen the yuan at the trade talks this month.
_______________
Read more:
Trump's aluminium tariffs on China appear to backfire
SoftBank said to lead investment of up to $5bn in Alibab's Ele.me
_______________
President Donald Trump has accused China of keeping its currency artificially weak to garner a trade advantage, saying on television channel CNBC last month that the yuan is "dropping like a rock," to America's detriment. The yuan has fallen more than 8 per cent versus the dollar since March as the People's Bank of China eased monetary policy to support a slowing economy while trade friction with the US worsened. But Chinese policymakers worry a disorderly drop could trigger capital outflows and threaten financial stability.
“China wouldn’t want the yuan to slide too quickly before important meetings, and that could be one of the reasons why the policy makers moved to support the currency,” said Nathan Chow, senior economist at DBS Bank Hong Kong. “The yuan will still face pressures as there are many uncertainties with the low-level trade talks. I don’t think China will bend to the US that easily.”
One-year interbank borrowing costs of the yuan in Hong Kong -- known as Hibor -- surged 55 basis points, the most since December 2016, to 4.26 per cent, reflecting tighter liquidity.
Measures to tighten cash supply are nowhere near as aggressive as in the aftermath of a shock yuan devaluation three years ago, said Sue Trinh, head of Asia foreign-exchange strategy at Royal Bank of Canada in Hong Kong. The offshore yuan’s overnight Hibor surged to a record 66.8 per cent in early 2016. It was at 2 per cent on Friday.
Brief scores:
Toss: Northern Warriors, elected to field first
Bengal Tigers 130-1 (10 ov)
Roy 60 not out, Rutherford 47 not out
Northern Warriors 94-7 (10 ov)
Simmons 44; Yamin 4-4
The five stages of early child’s play
From Dubai-based clinical psychologist Daniella Salazar:
1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.
2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.
3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.
4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.
5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.
Tips%20for%20travelling%20while%20needing%20dialysis
%3Cul%3E%0A%3Cli%3EInform%20your%20doctor%20about%20your%20plans.%C2%A0%3C%2Fli%3E%0A%3Cli%3EAsk%20about%20your%20treatment%20so%20you%20know%20how%20it%20works.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPay%20attention%20to%20your%20health%20if%20you%20travel%20to%20a%20hot%20destination.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPlan%20your%20trip%20well.%C2%A0%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Match info
Uefa Champions League Group H
Manchester United v Young Boys, Tuesday, midnight (UAE)
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
