China’s Digital Currency Is Ready, Central Bank Says

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United States President Donald Trump said on Friday that he was not ready to make a trade deal with China.

"We'll see whether or not we keep our meeting in September", Trump told reporters at the White House before heading out for fundraisers in NY and then vacation at his New Jersey golf resort.

The trade tussle - which has expanded beyond just trade, with the Trump administration formally dubbing China a currency manipulator - has rattled us and global markets.

"China's announcement this week that it is halting purchases of USA agricultural products in response to the tariff threat led to a reported indefinite freeze to the Commerce Department's consideration of granting licenses for US tech companies to resume some business with Huawei", analysts with Raymond James said in a research note.

The latest announcement is one in a series of cases Commerce has pursued against particular product lines, usually at the request of American companies claiming to be hurt by imports from China or other trading partners.

The PBoC explained that the decline was triggered by "unilateralism and trade protectionism measures and the imposition of tariff increases on China".

"The US Treasury action declaring China a currency manipulator was blatantly arbitrary, capricious and political, based on Trump's tweets rather than on objective analysis", Sachs said, while noting that US trade and financial behavior towards China is "utterly irresponsible". The risk of U.S. action rose further in the eyes of some analysts last week after the yuan plunged to a decade-low and the Trump administration formally named China a currency manipulator.

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Stocks resumed their decline, capping a turbulent week dominated by concerns over an escalating trade war between the US and China.

In addition to the tariffs, Trump has banned USA businesses from working with the Chinese tech giant Huawei unless they apply for a special license to do so. This is very unusual for a central bank: normally yuan holdings don't exceed more than 2% of total reserves, according to International Monetary Fund data.

The U.S.'s move is an "appalling" act to gain an advantage during trade negotiations and is doomed to fail, the Communist Party's flagship newspaper People's Daily said in a commentary Saturday. Apparently, China's foreign exchange reserves have shown signs of "de-dollarization", a phenomenon that indicates a shift from U.S. dollar-based assets.

Trump isn't the only person who believes the dollar needs to be weaker.

He pressed his relentless campaign against the U.S. central bank on Friday, but backed away from calls for a weaker exchange rate for the dollar. "China wants to do something, but I'm not doing anything yet".

Lowering the benchmark lending rate tends to reduce demand for the dollar, thereby weakening its value, but the United States economy remains stronger than those of many of its trading partners and investors flock to the dollar when there is economic uncertainty.

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