Chinese officials are expected to be in Washington this week to hold consultations with the U.S. ahead of high-level trade talks in October.World Economyread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
After a series of setbacks on the road to an initial public offering, the parent company of real estate start-up WeWork is delaying the move, sources told CNBC Monday.Technologyread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Comparing the yuan's recent moves against the dollar misses the currency's underlying strength of the against a more appropriately watched basket, People's Bank of China (PBOC) Deputy Governor Yi Gang said in remarks released on Chinese state-run media at the weekend.
In a question-and-answer format interview with Xinhua news agency that was posted on the central bank's website, Yi said the yuan remained a strong and stable currency in the global monetary system, while noting concerns about a slide against the dollar after Donald Trump's victory in the Nov. 8 presidential election.
The yuan plunged to eight-and-a-half year lows versus the dollar last week. On Monday, the PBOC set the yuan's central parity rate against the dollar at 6.9042, stronger than the 6.9168 level set on Friday.
"Referencing the yuan against a basket of currencies can better reflect the overall competitiveness of a country's goods and services," Yi said.
Given that economic structures, cycles and interest rate policies differed in various countries, fixating on a single currency was not suitable and may cause the yen to be "over-managed," he added.
Yi said the yuan's movements were due to domestic factors in the U.S., as they reflected the rise of the greenback on the back of improvements in the U.S. economy and inflation, alongside expectations of a quickening in the pace of Federal Reserve interest rate hikes.
The U.K's June referendum that supported leaving the European Union and the Egyptian central bank's move to freely float its currency on Nov. 3 also contributed to a faster depreciation of the yuan against the dollar, he added.
"These factors are somewhat unexpected for various countries. A rapid rise in capital inflows back to the U.S., record highs reached in the three major indices, and a general depreciation in global currencies against the dollar, some of which fell relatively much," he said.
The yuan, in fact, had weakened less than other currencies in both the developed and developing markets, the central banker added.
During his campaign, U.S. President-elect Trump accused China of unfair trade practices, including manipulating the yuan lower to benefit the country's exports.