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BEIJING: China’s yuan eased against the dollar on Wednesday, pressured by market worries over increasingly divergent monetary policy stances between China and other major economies.
The European Central Bank is scheduled to meet on Thursday and markets expect it to confirm an end to bond-buying this month. Its US counterpart is widely expected to raise its benchmark funds rate by 50 basis points next week and again in July.
Before the market opening, the People’s Bank of China set the yuan’s midpoint rate at 6.6634 per dollar, 15 pips firmer than the previous fix, 6.6649.
In the spot market, onshore yuan opened at 6.6670 per dollar and was changing hands at 6.6740 at midday, 28 pips weaker than the previous late session close.
Nike says to end Run Club App in China
Nike Inc, the world’s largest sportswear maker, is discontinuing its popular Nike Run Club App in China from Wednesday, the company said, in what is the latest reassessment by a US brand of its offerings to the Chinese market.
The company made the announcement to its mainland China users through the app on Wednesday morning and thanked them for their support.
It did not give a reason for the decision but a company spokesperson told Reuters that it planned to provide Chinese runners with an “enhanced and localized solution in the future.”
China will adopt targeted measures to help foreign trade firms
China’s foreign trade is facing uncertainty and huge pressure due to domestic and external factors, including logistics problems and soaring raw material prices, Vice Commerce Minister Wang Shouwen said on Wednesday.
China will adopt targeted measures to lower costs, improve supply chains and help foreign trade firms, Wang told a news conference.
(With input from Reuters)