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China says no to US dollar: escalation in trade war!
China is asking banks to reduce US dollar purchases to counter trade disputes with the US.
China says no to US dollar: escalation in trade war!
Tough approach: China fires back! The People's Republic is taking a stand against Donald Trump's US dollar dominance. China's central bank on Wednesday ordered the country's state-owned banks to sharply reduce purchases of U.S. dollars in their reserves. This comes after increasing tensions between the Trump and Xi Jinping administrations over tariffs and imports, the spokesman said. according to information from watcher.guru.
Not to be overlooked: China wants to curb the speculative play of investors who want to profit from the crisis. Billions of dollars in US dollars have already been shifted in currency markets to accumulate more Chinese yuan. This declaration of war comes at a time when the yuan has fallen 1.3% against the dollar, hitting a two-year low. But it's not just China that is under pressure - even India, another BRICS partner, is seeing its currency fall against the dollar.
In response to Trump's massive 104% tariffs on Chinese products, China is slapping a hefty 84% tariff on US goods. The saber rattling has begun, and the yuan's downward trend could support exporting companies - a view shared by an anonymous political consultant. The US tariffs are now giving rise to daring currency wars in the BRICS alliance that are keeping the world stage in suspense. Solid, precise, and straightforward – more details on this explosive topic can be found in a detailed report on watcher.guru.