The governor of China's central bank said the yuan would not be used as a tool to deal with the US-China trade war. Reuters
The governor of China's central bank said the yuan would not be used as a tool to deal with the US-China trade war. Reuters

China won't use currency as tool in trade war, Yi says



China won’t use its currency as a tool to deal with trade conflicts, central bank Governor Yi Gang said, as a tariff war between the US and the world’s No 2 economy intensifies.

“China will continue to let the market play a decisive role in the formation of the RMB exchange rate,” Mr Yi said in a statement to the International Monetary and Financial Committee, which was posted on the IMF’s website on Saturday. “We will not engage in competitive devaluation, and will not use the exchange rate as a tool to deal with trade frictions.”

He added China will continue to push ahead with the market-based reforms of its interest rate and exchange rate systems, and keep the currency “broadly stable at an adaptive equilibrium level”.

The Chinese currency has tumbled more than 9 per cent against the dollar in the past six months. Still, pressure on the yuan eased in recent days amid reports US President Donald Trump and Chinese President Xi Jinping plan to meet in November, and the US Treasury Department is being advised not to name China a currency manipulator.

The relief may be temporary. Looser domestic monetary policy, concerns about economic growth and a further escalation in the trade war will continue to weigh on the yuan, pushing it closer to the psychologically important level of 7 per dollar, which analysts predict to happen by the middle of next year.

China’s economy has sustained steady growth in 2018, and overall risks are in control, Mr Yi said, according to the IMF statement.

Policy makers in Beijing have been trying to stimulate growth without causing a debt blowout as trade tensions complicate the outlook for an economy that’s already slowed moderately because of a domestic financial cleanup. That’s hurt investor sentiment with the nation’s benchmark stock index staying in a bear market.

Monetary policy will “remain neutral with more focus on guiding expectations”, Mr Yi said. Authorities will adopt proactive adjustment and fine-tuning to ensure that the monetary stance will remain appropriate amid a changing economic and financial landscape, he said.

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Read more:

Bulls head for the hills in China as stocks slump

Global M&A volume drops in third quarter as trade tensions loom

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Company%20profile
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Specs%3A%202024%20McLaren%20Artura%20Spider
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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

COMPANY%20PROFILE
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PROFILE OF STARZPLAY

Date started: 2014

Founders: Maaz Sheikh, Danny Bates

Based: Dubai, UAE

Sector: Entertainment/Streaming Video On Demand

Number of employees: 125

Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners

COMPANY%20PROFILE%20
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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The%C2%A0specs%20
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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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SPECS
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COMPANY%20PROFILE
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Company%20Profile
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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
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