Caixin Global – Latest China News & Headlines

Home >


CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

Tencent Reportedly Negotiating Risk-Mitigation Measures to Retain U.S. Gaming Investments
Foxconn to Set Up Chipmaking Joint Venture with Yageo
Excluding Chinese Vendors from Indian 5G Trials Will Hold Back Development, Diplomat Says
Alibaba-Backed MYBank Eyes Deeper Penetration Into Under-Banked Rural China
Vivo and Oppo Claim Top Two Spots in China Smartphone Market as Huawei Falls
U.S. Urges TSMC to Prioritize Supplies to American Carmakers Grappling with Global Chip Shortage
Indonesian Ride-Hailing Unicorn Gojek Aims to Go All Electric by 2030
Tencent-Backed Insurtech Firm Waterdrop Aims to Raise up to $360 Million in U.S. IPO
Which Money-Losing Electric-Car Makers Have Tied Up With Huawei?
Video Platform Bilibili to Buy Stake in Mobile-Game Maker CMGE to Boost Content
Baidu to Roll Out Driverless Robotaxis in Beijing in May
Tesla Challenger Nio Shrinks Losses as Sales Surge
Trending in China: A Beijing Bureaucrat Worked as Delivery Driver for a Day and Earned Just $6
Fjord Focus: Why Are Chinese Electric-Car Makers Flocking to Norway?
Alibaba Has Big Plans for Taobao’s Livestreaming Hawking Business
Xiaomi Extends Reign as India’s Smartphone King Despite Slipping Market Share
Self-Driving Truck Startup Plus to Develop Natural Gas-Powered Vehicle With U.S. Engine-Maker
China’s Origin Space Launches Prototype to See How Well It Cleans Up Space Junk
Trending in China: Is Bubble Tea for Tesla Really Such a Bad PR Effort?
TikTok to Set Up European Transparency Center to Ease Data Security Concerns
Trade Issues Could Trigger Competitive Devaluation: Ex-Central Bank Chief

By Lin Jinbing and Ren Huilan / Jun 14, 2019 06:41 PM / Finance



Global trade tensions could push multiple countries to begin competitive devaluation of their currencies, former central bank head Zhou Xiaochuan said.

That would compromise the shared aim of preventing competitive devaluation held by the Group of 20, a forum comprising major economies including China and the U.S., Zhou said Friday at the Lujiazui Forum in Shanghai. No country can benefit from competitive devaluation as it disrupts the global financial order, he said.

The yuan has faced headwinds lately, depreciating beyond 6.9 to the greenback on May 17, weakening more than 1,000 pips from May 10, when the U.S. government hiked punitive tariffs on $200 billion yuan of Chinese goods from 10% to 25%. Since then, the exchange rate has hovered around 6.9.

Financial markets are closely watching whether the Chinese currency will weaken beyond 7 per dollar, despite Zhou previously saying that the number 7 was not a significant marker for the yuan.

Related: Exclusive: The Number Seven Doesn’t Mean Much for Yuan, Ex-Central Bank Chief Says

Contact reporter Lin Jinbing (

Share this article
Open WeChat and scan the QR code