Trump says Russia, China playing ‘currency devaluation game’

US President Donald Trump accused Russia and China of devaluing their currencies while the United States raises interest rates. (AFP)
Updated 16 April 2018
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Trump says Russia, China playing ‘currency devaluation game’

  • Trump accuses Russia and China of devaluing their currencies on Twitter
  • Trump’s tweet referred to what he sees as unfair trading advantages

Washington: US President Donald Trump accused Russia and China on Monday of devaluing their currencies while the United States raises interest rates.
“Russia and China are playing the Currency Devaluation game as the US keeps raising interest rates. Not acceptable!” Trump said in a Twitter post.
Trump’s tweet referred to what he sees as unfair trading advantages: if a country’s currency is artificially low, its exports are more competitive. Higher US interest rates would generally increase the value of the dollar, making US exports more expensive.
Since Trump took office in January 2017, the dollar has weakened substantially against most currencies, including the Chinese yuan and, until the US imposed sanctions on Russia in the last few weeks, the ruble.
Against the yuan, the dollar has fallen by 8.6 percent since Jan. 20, 2017, while it has appreciated 4.5 percent against the ruble. Until the US announced sanctions on Russian oligarchs earlier this month, however, the dollar had weakened by nearly 4 percent against the Russian currency. That gain was entirely erased by a two-day drop of 8.4 percent in the ruble on April 9 and 10.
More widely, the US dollar index, which measures the greenback’s value against a basket of major trading partner currencies, has declined by 11.2 percent since Trump became president.
The US Treasury, in a semi-annual report on Friday, again refrained from naming any major trading partners as currency manipulators. The report came as the Trump administration pursues potential tariffs, negotiations and other restrictions to try to cut a massive trade deficit with China.
The report did not mention Trump’s recent threats to impose billions of dollars worth of tariffs on Chinese goods over Beijing’s intellectual property practices, or pending Treasury restrictions on Chinese investment in the United States.


Deutsche Bank appoints Riyadh GM

Updated 18 September 2018
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Deutsche Bank appoints Riyadh GM

  • German banking titan expects more deal flow from Kingdom
  • Deutsche Bank established base in Saudi Arabia in 2006

LONDON: Deutsche Bank has appointed Mohammed Alajmi as general manager of Deutsche Bank Riyadh Branch in Saudi Arabia.
He will have oversight of the bank’s business regulated by the Saudi Arabian Monetary Authority (SAMA), Deutsche Bank said in a statement.
The German banking giant originally established its Riyadh branch in 2006.
Alajmi joined Deutsche Bank in 2012 after more than a decade of working at local financial institutions in the Kingdom.
He was appointed chief operating officer in June 2015 overseeing the bank’s activities across all businesses and infrastructure functions.
The group expects to boost regional hiring this year, driven by expected corporate bond sales and initial public offerings, Bloomberg reported in February.