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SHANGHAI, China (AFP) — China’s currency slid on Monday to its weakest point in more than 11 years as concerns over the US trade war and the potential for global recession weighed on markets. The onshore yuan was around 7.1425 to the US dollar in late morning Asian trading, its weakest point since early 2008, but slightly off lows reached earlier in the day. Global economic tensions have intensified in recent days with the […]
HONG KONG, China (AFP) — Asian markets plummeted Monday as the Chinese yuan fell sharply, days after US President Donald Trump’s vow to impose fresh tariffs on goods from China sent trade war fears soaring. Trump’s announcement, which came on Thursday, means virtually all of the $660 billion in annual merchandise trade between the world’s two biggest economies will be subject to punitive tariffs, with the latest duties due to take effect September 1. The […]
SHANGHAI, China (AFP) — China’s major airlines mostly saw their earnings battered in the first half of the year as a weaker Chinese yuan and higher fuel prices offset steadily rising passenger traffic. Net profit at China Eastern Airlines for January-June plunged 48 percent on-year to 2.3 billion yuan ($337 million), the company said Thursday in a statement to the Hong Kong stock exchange, where it is listed. “China’s civil aviation industry continued to maintain […]
HONG KONG, China (AFP) — Asian markets advanced Friday, with Shanghai gaining two percent as China’s weak yuan currency defied US President Donald Trump’s criticism of a strong dollar and Fed rate hikes. Trump, in part of an interview aired by US television network CNBC, broke with the long-established executive branch practice of not commenting on the Federal Reserve’s decisions out of respect for its independence. “I’m not thrilled,” Trump told the network in […]
