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Free AccessMNI China Press Digest May 3: Trade Talk, Yuan, WMP Rules
BEIJING (MNI) - The following lists highlights from the Chinese press for
Thursday:
China's stance regarding trade negotiations with the U.S. remains
unchanged: it is open to negotiation, but will fight back if the U.S. insists on
starting a trade war, the official Xinhua News Agency said in a commentary
piece. It is good that the U.S. is sending representatives to negotiate with
Beijing, but they should be sincere and principled, and should obey
international rules, Xinhua said. The U.S. should not demand too much or force
China to make deals; negotiations should be equal and reciprocal, Xinhua said.
***Comments: U.S. trade representatives led by Treasury Secretary Steven Mnuchin
will arrive in Beijing today to talk to the Chinese government on their trade
conflicts. The U.S. may find it difficult to achieve their goal of reducing the
trade deficit of the two countries, as that is not something China can offer if
it is not aligned with market rules, according to a previous interview MNI did
with a government researcher.
The yuan is likely to further weaken if the dollar's rally continues, China
Securities Journal reported. The yuan's depreciation after the Labor Day holiday
is a reaction to the dollar's rise over the holiday, said the Journal. The
dollar strengthening was due to the Fed's optimism about the U.S. economic
outlook and inflation, while the euro's relatively weakness can be credited to
the European Central Bank's neutral tone in its April meeting, noted the
Journal, citing unidentified market participants.
The finalized WMP rules will benefit private equities and will increase
banks' business cooperation with private equities, Security Daily reported.
Previously, private equities were not allowed to cooperate with banks, and they
had to do that through other opaque channels. The finalized WMP rules allow
off-budget capital from banks to be invested in private equities, the Daily
said. The rules also encourage the innovative development of private equities,
the newspaper said.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: iris.ouyang@marketnews.com
--MNI Beijing Bureau; +86-10-8532-5998; email: beijing@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]
To read the full story
Sign up now for free trial access to this content.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.