Thank you for reading the news about China In-Focus — Yuan hits 19-month low; international travel limited and now with the details
Jeddah - Yasmine El Tohamy - BEIJING: China’s yuan ended domestic trade at its lowest level in more than 19 months on Thursday’s expectations of aggressive US policy tightening, while prolonged COVID lockdowns hobbled the Chinese economy.
The dollar’s climb to a two-decade high followed new data showing surprisingly persistent inflation, raising investor worries that the Federal Reserve may need to accelerate policy tightening to cool prices.
Before the market opened, the People’s Bank of China set the yuan’s daily midpoint rate at 6.7292 per dollar, firmer than a Reuters forecast of 6.7362 per dollar, but still its weakest since Oct. 16, 2020.
Onshore spot yuan opened at 6.7355 per dollar and slipped as low as 6.7919 per dollar, its weakest level since Sept. 30, 2020. It finished its domestic trading session at 6.79 per dollar, its weakest such close in the same time period.
China limiting unnecessary international travel
China would “strictly limit” unnecessary travel outside the country by Chinese citizens as part of its COVID-19 response, the National Immigration Administration said in a statement on Thursday.
Officials should look to prevent COVID-19 outbreaks caused by illegal entry into China, according to the statement.
Indian tax authority froze $478 million of Xiaomi funds in February
In the income tax case, authorities blocked $478 million in February under a legal provision that allows officials to take such actions to protect New Delhi’s revenue interests, a Xiaomi court document showed.
Two sources with direct knowledge said the amount blocked by tax inspectors was a fallout of the December raids conducted at Xiaomi India offices for alleged income tax evasion.
That investigation, said one of the sources, concerns allegations the Chinese company purchased smartphones from its contract manufacturers at inflated costs in India, allowing it to record a smaller profit by selling them to customers and evading corporate income taxes.
It is not clear if the company appealed the decision.
(With input from Reuters)
These were the details of the news China In-Focus — Yuan hits 19-month low; international travel limited for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.