Published: Sat, April 15, 2017
Business | By Patricia Jimenez

Trump says China won't be labeled a currency manipulator

Trump says China won't be labeled a currency manipulator

While U.S. and global politics have consumed investors' attention this week, a raft of Asian economic data may share some of the spotlight on Thursday.

On monetary policy, Trump, who had accused Yellen of keeping interest rates low for political reasons, said in the interview, "I do like a low-interest rate policy, I must be honest with you".

(AP Photo/Shizuo Kambayashi). People are reflected on an electronic stock indicator of a securities firm in Tokyo, Thursday, April 13, 2017.

President Donald Trump has said that there is a "very good chemistry" between him and Chinese President Xi Jinping as he assured that USA will not label China a currency manipulator and offered to have a good trade deal if Beijing helps tackling the threat of North Korea. On Wednesday, the FTSE-100 declined 0.2 percent and the CAC-40 lost 0.1 percent while the DAX was unchanged. The Standard & Poor's 500 index slid 0.4 percent, to 2,344.93. Australian stocks retreated 0.75 percent, on track to post a 0.4 percent gain for the week. Sydney's S&P-ASX 200 retreated 0.8 per cent to 5,885.50 while Seoul's Kospi added 0.4 per cent to 2,137.05. Taiwan gained while benchmarks in Singapore, Jakarta and New Zealand fell. It had risen to a one-month high at the start of the week. Utilities, phone companies and other high-dividend stocks were among the biggest gainers. It gained 0.23 percent against the dollar for the week.

He often said the world's second-largest economy was taking advantage of the USA, and that he would respond on his first day in office by labeling China a currency manipulator. "But going it alone means going it with lots of other nations, '" Trump said he told Chinese President Xi Jinping during last week's meeting at the American leader's Mar-o-Lago resort.

The dollar was little changed against China's offshore yuan, after falling to a six-day low on Wednesday.

Additionally, Trump said his administration will not label China as a currency manipulator - a stark reversal from comments he made during his presidential campaign.

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A weaker Chinese currency, relative to the dollar for example, makes Chinese goods more affordable for American consumers and USA goods more expensive in China.

Lu was responding to Trump's recent statement that his administration would not label China a currency manipulator and his complaint that the USA dollar was too strong.

"They're not currency manipulators", Trump said.

"I like her, I respect her", Trump told the newspaper. "It is debatable whether Trump can have both a weak currency and massive fiscal stimulus at the same time".

The report also said core producer prices, which exclude food and energy prices, came in unchanged in March following a 0.3 percent increase in February. USA crude slipped 0.3 per cent to $52.95 a barrel, extending Wednesday's 0.5 per cent loss that saw it break a six-session winning streak. It fell 0.6 percent on Wednesday, the biggest one-day fall in more than three weeks.

After ending the previous session roughly flat, treasuries showed a strong move to the upside during trading on Thursday.

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