Recently, European stocks closed lower following China’s central bank disclosed the yuan’s official mean point at a stronger than anticipated level, alleviating its retribution to U.S. tariffs, while refusing Washington’s label of Beijing as a “currency manipulator.” European stocks fell: the pan-European Stoxx 600 shed by 0.4% during trade, with household merchandise stocks leading the gains. Luxury brands such as Christian Dior, LVMH, and Hugo Boss experienced their shares crossing the positive territory. The PBOC (People’s Bank of China) denied Washington’s accusations of currency manipulation and declared its yuan fixing at 6.9683 for every dollar, below the major line of 7 per dollar that it had infringed in recent time.
The global stocks already expended considerable losses to begin the week following China permitted the yuan to fall below 7 per dollar, which is an 11-Year low. The U.S. Treasury officially blamed Beijing of manipulating yuan, which is the first label of its kind from 1994. In a statement, the PBOC said that the label “critically undermines international regulations and will have a foremost impact on finance and economy globally.” In a counterattack, China also suspended procures of the U.S. agricultural products, which is a destructive blow to American farmers stretched by the trade battle.
On a related note, recently, Wall Street stocks fell since the U.S.-China battle turned into “currency war.” Wall Street’s top indexes reported their largest percentage decline of the year due to China’s devaluation of the yuan ignited apprehensions of further rise of the US-China trade dispute, with the U.S. president alleging Beijing of “currency manipulation.” The losses were also experienced by the Asia-Pacific region with indexes from Hong Kong to Tokyo falling sharply. Sydney and Shanghai shed by 2.6%, while Wellington and Manila were also down by about 2%.
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