"The president is right to make this the center point of the rising and sustained trade conflict," says Sen. Chris Coons.Politicsread more
James Bullard said he dissented on this week's Fed decision to lower rates by a quarter percentage point because he didn't think the cut was big enough.The Fedread more
More than 400 Chinese products will be temporarily exempted from tariffs that President Donald Trump's administration imposed last year.China Economyread more
"I feel like I've contributed all I can to this primary election," he told MSNBC's "Morning Joe." "And it's clearly not my time. So I'm going to end my presidential campaign."2020 Electionsread more
Apple will get a taste of whether upgraded features on the new iPhone 11 are enough to lure shoppers to retail stores around the world as the new smartphones officially hit...Technologyread more
Joshua Harris, Apollo Global Management's co-founder, has a message for private equity's naysayers in Washington.Delivering Alpharead more
Roku shares have more than quadrupled this year, but the stock has had some rocky days of late as more players jump into streaming.Technologyread more
Two sites were hit Saturday — the Abqaiq and Khurais oil facilities — which took out 5.7 million barrels per day of oil production.World Politicsread more
Apple CEO Tim Cook greeted iPhone 11 customers at the reopening of the Fifth Avenue Apple store on Friday. CNBC also took a tour inside. Here's a look.Technologyread more
J.C. Penney is preparing for talks with its creditors on ways it can ease its debt load, buying the retailer some time ahead of the critical holiday shopping season, Bloomberg...Retailread more
Pivotal Research Group began coverage of Roku with a sell rating on FridayInvestingread more
– This is the script of CNBC's news report for China's CCTV on October 27, Thursday.
Welcome to CNBC Business Daily, I'm Qian Chen.
Recent depreciation in CNY has made the Chinese currency fall to six-year lows against the dollar, but markets have been reacting with a shrug.
For the past 30 days, the yuan has declined around 1.5% versus the dollar, while the yuan has gained against other major currencies like the euro and yen -- 1.6% and 2.4% respectively.
That contrast signaled to some traders the yuan's declines were more about dollar strength than yuan weakness.
Now, markets are seeing a higher probability of a rate hike by the FED in December.
The futures market shows a more than 74% chance of hiking 25 basis points or more.
[STEVE BRICE, Standard Chartered Wealth Management Group, Chief Investment Strategist] "Our view is basically when the dollar is strong, they'll allow the currency to trade water on the basket, which means dollar/CNY edges higher, when the dollar is weak, they will allow the CNY trade to weaken. So basically they want to weaken CNY."
The weaker yuan and relative calm among investors are good news for China's central bank.
A falling currency makes Chinese exports more competitive and could boost an economy struggling with slowing growth.
At the same time, the currency's retreat, gradual this time, hasn't rattled investors who tend to respond more to large, sudden moves.
[STEVE BRICE, Standard Chartered Wealth Management Group, Chief Investment Strategist] "That was partially because of lack of clear communication ... at least in the short term."
Markets are watching closely FOMC meetings in November and December, as stronger dollar might bring more depreciation pressure to the CNY.
CNBC Qian Chen, reporting from Singapore.