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US, China near deal, Beijing vows not to devalue yuan
Beijing, March 10 (IANS) China’s top central banker on Sunday signalled that Beijing and Washington were getting close to reaching a currency deal as part of their continuing negotiations to settle a yearlong trade battle.
“Both sides have reached consensus on many crucial and important issues,” People’s Bank of China (PBOC) Governor Yi Gang told the media here on the sidelines of the nation’s annual legislative session.
As part of the accord, Yi said, China won’t engage in competitive devaluation to give Chinese exporters a leg up in foreign markets — a commitment Chinese officials have also made in multilateral agreements such as those among the Group of 20 (G20) industrial nations.
How China manages its currency has been a point of contention between Washington and Beijing for years.
US President Donald Trump was vocal throughout his election campaign in saying China manipulates the yuan to gain an advantage in trade by making its products relatively cheaper.
Trump repeated the charge last year, when the yuan’s plunge aroused suspicion that Beijing was pushing down its value to offset US tariffs on Chinese products.
In the recent trade talks, US negotiators pushed their Chinese counterparts to keep the yuan stable and to improve transparency in currency-market interventions by China’s central bank.
During a congressional hearing last month, US Trade Representative Robert Lighthizer said “we have spent a lot of time on currency and the agreement will be enforceable”.
Still, how the currency deal, if reached, will be enforced remains unclear. Both sides are haggling over an enforcement mechanism for the broader trade agreement.
Yi said both sides have discussed how they should disclose information when they buy or sell in foreign-exchange markets according to rules set by the International Monetary Fund.
Another point of discussion, he said, involves how both nations should respect the autonomy of each other’s monetary policy.
That latter issue is of deepening concern to the PBOC because it doesn’t want a pledge to keep the yuan steady to tie its hands in supporting economic growth by loosening credit policy. Letting more yuan funds flow into the economy could pressure the value of the yuan.
The PBOC mainly looks at domestic factors when setting monetary policy, Yi said. “The exchange rate isn’t a major factor in domestic monetary policy.”
Yi also sought to temper investors’ expectations for more aggressive monetary easing to prop up the slowing economy. A “neutral” monetary stance, he said, means that China will keep its overall leverage ratio stable.
In the past year, the central bank cut the amount of cash banks must keep in reserve five times, in a bid to unleash more funds for lenders to make loans. There is still room for such reserve-requirement reductions this year, Mr. Yi said, though the room has narrowed.
He also said the central bank will continue to foster competition among banks as a way to lower lending rates, but he gave no indication that any reduction in benchmark interest rates are in the cards.
At the end of last year, credit amounted to 249.4 per cent of China’s gross domestic product, he said, which was 1.5 percentage points lower than the level as of the end of 2017.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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