The People's Bank of China set the official midpoint reference for the yuan at 6.9996 on Wednesday, slightly weaker than expected, two days after Washington labeled Beijing a currency manipulator. The U.S. objects to the lower yuan as it makes Chinese exports cheaper on international markets, offering Chinese products a price advantage.
Asian stocks were subdued in Wednesday afternoon trade as investors are closely watching the 7 yuan per dollar level, a psychological barrier breached on Monday for the first time since 2008, according to Reuters. China allows the yuan to trade within a narrow band of 2% from each day's midpoint. Global markets have been on a losing streak since U.S. President Donald Trump announced a 10% tariff on a further $300 billion worth of Chinese imports last Thursday.posted a net second-quarter profit of 271 million euros which was little changed from the same period a year ago, but exceeded the 217 million euros expected by analysts.posted a sharp rise in second-quarter net profit of 1.85 billion euros, a sharp rise from the 1.
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