China's Own Digital Currency Coming Soon, Central Bank Official Says

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The decision by the Trump administration to label China as a currency manipulator did not receive the backing of / support from the International Monetary Fund or G7.

"Whether or not they're canceled, we'll see", Trump said.

China also announced that it was halting orders of US agricultural products, a blow to American farmers for whom China is a very big market. "If the USA continues to push in [a currency dispute], then China probably will accelerate the globalization of the renminbi as a currency for global trade", says Wang, using an alternative name for the yuan.

9 said he was not ready to strike a trade deal with Beijing, criticizing the Chinese regime for manipulating its currency and reneging on its pledges.

The US's labeling of China as a currency manipulator "signifies the trade war is evolving into a financial war and a currency war", and policy makers must prepare for long-term conflicts, Chen Yuan, former deputy governor of the People's Bank of China, said at a China Finance 40 meeting in Yichun, Heilongjiang.

"We are not going to do business with Huawei", Trump said, adding that it did not mean that would not change if a trade deal was done.

China's central bank has set the official midpoint reference for the yuan weaker than 7 per U.S. dollar for the first time since 2008.

Trump told reporters that he received strong support from Democratic leaders including House Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Chuck Schumer (D-N.Y.). The Trump administration is now withholding trade licenses for United States firms that wish to do business with Huawei.

"We're doing very well with China".

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He also said the USA will not do business with Chinese tech titan Huawei, despite earlier pledges to allow American firms to file for waivers from national security restrictions on the company's operations.

"The People's Bank of China is the top level, and commercial banks are the second level. I'm not ready to make a deal", Trump told reporters at the White House before his departure for fundraising events in NY.

China's digital currency plan gained traction after Facebook announced details of its Libra cryptocurrency in June.

With the United States still benefiting from the post-WWII financial environment and Bretton-Woods, Washington remains the world's monetary hegemon, routinely punishing its adversaries by cutting off access to the crucially needed dollar-based global financial system to get its way.

Former U.S. Ambassador to China Gary Locke, however, said he strongly disagreed.

"I really made the decision".

Since past year, the PBoC came up with a group of researchers to establish a prototype that would aid the creation of the digital Yuan.

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.