7.05 CNY per USD - will be interesting to see where it goes from here.
https://www.x-rates.com/graph/?from=USD&to=CNY&amount=1
7.05 CNY per USD - will be interesting to see where it goes from here.
https://www.x-rates.com/graph/?from=USD&to=CNY&amount=1
https://www.cnbc.com/2019/08/10/trum...----china.htmlU.S. farmers lost one of their biggest customers after China officially cancelled all purchases of U.S. agricultural products, a retaliatory move following President Donald Trump’s pledge to slap 10% tariffs on $300 billion of Chinese imports.
China’s exit piles on to a devastating year for farmers, who have struggled through record flooding and an extreme heat wave that destroyed crop yields, and trade war escalations that have lowered prices and profits this year.
“It’s really, really getting bad out here,” said Bob Kuylen, who’s farmed for 35 years in North Dakota.
Pork prices in China are up 27% yoy, fresh fruit 39% and they are almost running out of Brazilian soy beans, factory prices are down. They won't let the RMB appreciate to offset the prices, doesn't look like winning to me.
When I first arrived in China 25 years ago breakfast of choice was still plain congee with fermented tofu and peanuts. Lunch was vegetables and an egg over rice. Except for the current crop of young people they are used to doing without. If meat and grain go up 50% they’ll just do with less which is still more than they had a generation ago.
And someone blinked....
Trump delayed tariffs in part to avoid a recession during 2020 election, says US Chamber of Commerce president Donohue -
https://www.cnbc.com/2019/08/13/trum...s-donohue.html
Who knows what will be next week
Best negotiator ever! Who cares about actual results if he just keeps repeating his rhetoric? Sigh. The world we live in.