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China's Alumina Export Growth Reached A New High
- Sep 04, 2018 -

1. According to China Customs data, China's alumina exports from January to July this year were 346,600 tons, a year-on-year increase of 1034.4%, a record high.

2. Reuters Shanghai September 3 - The Chinese central bank may have to quickly decide whether to take stronger interventions to support the swaying RMB exchange rate. The United States is preparing to impose a wider tariff on Chinese goods. The Chinese central bank has not had any substantive action for four consecutive months. However, the central bank recently expressed its dissatisfaction with the further depreciation of the RMB and tried to stabilize the exchange rate before the RMB explored the sensitive 7-yuan mark. But market observers say the RMB will inevitably be under pressure again as China-US trade war escalates and may put pressure on China's already cooled economy. The US government imposed tariffs on goods imported from China for another $200 billion as early as this week. This latest punitive measure is aimed at forcing the Chinese government to improve market access, cut industrial subsidies, and reduce the huge trade surplus with the United States. Such an initiative may sharply amplify the risks faced by the RMB, and the RMB has already faced downward pressure from domestic monetary easing, rising US yields and the full-line US dollar. Ji Tianhe, China's interest rate and exchange rate strategist at BNP Paribas in Beijing, said the possibility could stimulate the Chinese central bank to tighten foreign exchange measures. Bank of America Merrill Lynch analysts predict that the yuan will be at 6.95 against the US dollar at the end of the year, and then fell 1.6% after depreciating by about 5% in the year.