archiveBeijing

India has “absolutely no interest” in undermining the US dollar, and its fellow members of the Brics grouping of emerging economies have not formed a unified position on a proposed alternative payment system, according to New Delhi’s foreign minister.Speaking at the London-based think tank Chatham House last week during a six-day visit to Britain and Ireland, Subrahmanyam Jaishankar described the dollar as a “source of international economic stability”.His comments followed repeated warnings from US President Donald Trump against any efforts by Brics – an acronym of founding nations Brazil, Russia,...

US President Donald Trump’s latest accusation of China’s trade advantage via yuan depreciation suggests his sights are set on reducing the US trade deficit, according to analysts who also noted that a priority of China’s central bank is stabilising the currency against the backdrop of a strong dollar and mounting tariff risks.They contended that Trump’s warning on Monday – that China and Japan “can’t continue to reduce” their currencies because it is “unfair” to the US – clashes with Beijing’s actual efforts to prevent a sharp yuan depreciation. Japan also...