The leaders of Japan and China got off to a tense start but have made significant progress in turning around their relations in recent years.Asia Politicsread more
Tech's hottest IPOs of the year, including Beyond Meat and Zoom, dropped on Monday, falling more than the broader market.Technologyread more
Stocks in Asia slipped in Tuesday afternoon trade, while investors looked toward a meeting between U.S. President Donald Trump and Chinese President Xi Jinping set to happen...Asia Marketsread more
A week of dovish fireworks out of the central banking community has just gone by with most of the world's leading central banks now guiding towards easing in light of downside...Commentaryread more
"We do not seek conflict with Iran or any other country," Trump tells reporters in the Oval Office.Politicsread more
Chinese Vice Premier Liu He held a phone conversation with U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin, China's Ministry of Commerce...World Economyread more
Sen. Bernie Sanders announced a plan Monday to forgive the country's $1.6 trillion outstanding student loan tab, intensifying the higher education policy debate in the 2020...Personal Financeread more
While earnings usually come in substantially ahead of expectations — as much as 4 or 5 percentage points is not unusual — the downward direction in the outlook doesn't speak...Earningsread more
U.S. President Donald Trump's senior adviser Kellyanne Conway will not testify before the House of Representatives Oversight Committee this week on her alleged violations of...Politicsread more
"We missed being the dominant mobile operating system by a very tiny amount. We were distracted during our antitrust trial. We didn't assign the best people to do the work,"...Technologyread more
PatientsLikeMe was bought by UnitedHealth following a review by Trump's Treasury Department, which scrutinized the start-up because it's backed by Chinese cash.Technologyread more
SHANGHAI, June 14 (Reuters) - Competitive currency devaluation does not benefit any country and could cause chaos to global financial order, former China central bank governor Zhou Xiaochuan said on Friday.
Zhou did not specifically mention the Chinese yuan in his remarks to a financial forum in Shanghai on Friday. But global investors are closely watching the weakening currency as the U.S.-China trade war escalates.
The yuan has fallen about 2.7 percent to the dollar since a major flare-up in trade tensions in early May and is nearing the psychologically critical 7 per dollar mark, a level last seen during the global financial crisis a decade ago.
Zhou told financial media Caixin in late May that whole numbers "do not really much matter" to the exchange rate, and 7 is not necessarily the threshold for yuan to the dollar.
While most analysts do not expect a sudden yuan devaluation from China as in 2015, traders believe further weakness is inevitable if both sides impose more tariffs.
China should expand its markets and sell more goods to other countries to offset the impact from decreasing exports to the United States, Zhou told the Shanghai forum.
"If the trade war breaks out, it will easily bring changes to the exchange rate, and it is likely to challenge the consensus reached in the past to prevent competitive devaluation," Zhou said. (Reporting by Winni Zhou and David Stanway; Editing by Kim Coghill)