Ren­minbi seeks lower lev­els amid in­creased vo­latil­ity

China Daily (Canada) - - BUSINESS -

The ren­minbi fell onWed­nes­day and traded at the big­gest dis­count to the cen­tral bank’s ref­er­ence rate since June, on signs that the in­creased vo­latil­ity in global fi­nan­cial mar­kets is fu­el­ing de­mand for the green­back. The Bloomberg Dol­lar Spot In­dex, which tracks the green­back against 10 ma­jor peers, climbed ahead of the Fed­eral Re­serve pol­icy meet­ing on Wed­nes­day. A plunge in Rus­sia’s ru­ble took a Bloomberg in­dex of 20 emerg­ing-mar­ket cur­ren­cies to the low­est level in data go­ing back to 2002. The Peo­ple’s Bank of China raised its daily fix­ing by 0.07 per­cent to 6.1137 per dol­lar, the strong­est since Feb 19. per­cent, adding fuel to a re­new­able-en­ergy clash be­tween theUnited States and China. The Com­merce Depart­ment also finalized its plan to in­clude in the tar­iffs any so­lar pan­els as­sem­bled in the main­land, re­gard­less of the ori­gin of the cells. The depart­ment is­sued fi­nal du­ties on so­lar cells man­u­fac­tured in the Chi­nese main­land and Tai­wan in a case brought by So­larWorld AG, aGer­man company with a fac­tory in Ore­gon. TheUS In­ter­na­tional Trade Com­mis­sion must rule in the last step be­fore the tar­iffs are finalized. A decision is due next month.

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