China’s Digital Currency will Soon See The Light of The Day

Stocks dip as Trump raises doubts about China trade talks

President Donald Trump said talks with China planned for next month could be called off after the trade war between the world's biggest economies abruptly escalated in recent days. "That doesn't mean we won't agree to something if and when we make a trade deal", Trump said. Onshore yuan last traded on Friday at 7.0613 per dollar.

During a meeting of China Finance 40 Group, UnionPay payment system representative Shaofu Jun said that the launch of CBDC will certainly be fraught with various difficulties.

U.S. and Chinese negotiators met in Shanghai in late July for the first time since talks collapsed in May, and were due to hold another round in September.

A new round of tariffs on $300 billion in Chinese goods is set to kick in September 1. Monday was the worst day of the year for the three stock benchmarks.

This means everything that China sells to the USA, including clothes and iPhones to chemicals and construction equipment, will have levies of between 10 and 25 per cent on them starting from September 1, escalating the trade tensions between the world's two largest economies.

After the meeting, however, Trump announced on August 1 that he would impose 10 percent tariffs on an additional $300 billion worth of Chinese goods.

White House Trade and Manufacturing Policy Adviser Peter Navarro tells "WSJ at Large w/ Gerry Baker" that there are seven forms of economic aggressions China has imposed on the U.S.

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"No I wouldn't do that", Trump said when asked if he wanted to devalue the dollar.

"No, we don't have to", Trump said last Friday when asked whether he plans to devalue the greenback, though he added that if the Federal Reserve were to cut interest rates it "would automatically bring down the dollar a little bit", relieving pressure on exporters. "It's much simpler not to do any business with Huawei", he said.

Financial markets have plunged following Trump's announcement, and fell precipitously after China's retaliation.

With the PBoC at the upper level and the commercial banks at the second level, Mu argues that this setup will improve accessibility, increase adoption rates for consumers and help promote innovation among businesses. And I really made the decision.

When asked if the United States would devalue the USA dollar in response to China's action, Trump said, "No, we don't have to".

The president also accused China of manipulating its currency and said USA tariffs on China have been "amazing".

In a series of tweets on Thursday, Trump lamented the strength of the U.S. dollar which puts American manufacturers at a disadvantage, and once again demanded the Federal Reserve lower interest rates to counteract that.

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