China rejects Trump accusations of yuan manipulation

Moreover, Trump said that if China does not back down from its trade policy, Trump is ready to impose a $500 billion on imported Chinese goods, according to his interview on CNBC. -China trade issue to be showing up in the data.

On Monday, the State Council, China's cabinet, said the country would adopt a more "vigorous" fiscal policy, while in an unexpected move, China's central bank lent 502 billion yuan ($74.36 billion) to financial institutions via its one-year medium-term lending facility (MLF), stepping up efforts to support lending as growth slowed. The dollar index went as deep as 94.207 on Monday, the lowest in more than two weeks. Since the US-Sino trade war came into full effect, the CNY has experienced a massive fall, as traders exit Chinese financial markets amidst fears of financial stability and weaker Chinese growth. Not only did Trump fuel a rally on Thursday by criticizing the Fed's monetary policy, but he also fueled a further rally on Friday after tweeting additional comments about the negative impact on the economy caused by the Fed's tightening and the strength of the U.S. Dollar.

As of July 17, hedge funds and other futures speculators were the most bullish on the greenback since February 2017, U.S. Commodity Futures Trading Commission data show.

The yield on 10-year Chinese government bonds CN10YT=RR ended 2.9 basis points higher at 3.562 percent.

Major exporters closed lower, with the electric appliances sector falling 1% and automakers declining 1.2% Uniqlo-owner Fast Retailing dropped 5.7%.

More news: Thai cave boys to leave hospital Thursday

The Japanese 10-year government bond yields hit a 6-month high as investors' speculation rose over a possible change in the monetary policy by the Bank of Japan (BoJ) ahead of the central bank's two-day meeting on July 30-31.

"Stock markets are enjoying a decent move higher. receiving a dual boost in sentiment from a proposed Chinese fiscal stimulus and a better than expected set of results from Google-parent company Alphabet", said David Cheetham, chief market analyst at traders XTB.

U.S. Treasury Secretary Steven Mnuchin said last week the United States was monitoring the recent weakness in China's currency yuan and would review whether it had been manipulated. Reed Cavendish Wealth Management analysts say US businesses based in China are concerned that such measures could mean increased inspections, delayed investment approvals or even consumer boycotts. In some relevant currency pairs, the Japanese Yen returned to vogue as traders sought safe havens, falling from above 1.13 all the way back to 111.40 against the USD at time of writing; and the AUD/USD rebounded 0.7 per cent following two days of being trounced to now trading back over the 0.7400 handle.

But China's Foreign Ministry denied the charge during a daily briefing in Beijing, saying the yuan's rate was determined by market forces.

(Copyright © 2015. All Rights Reserved.)
 
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