China says threats, intimidation on trade will never work

Trump blasts Fed, threatens to put tariffs on all Chinese goods

Trump's remarks on Friday, coupled with new threats to slap duties on all USA imports from China, triggered sell-offs in Wall Street and European stocks on Friday, despite good corporate earnings.

While it does let market forces play a role, China keeps the yuan within a narrow trading band that its adjusts daily and is widely known to intervene, which has triggered past United States allegations of manipulation, including from Trump.

It was last down 0.2% at 94.27, the lowest in more than two weeks.

United States dollars index fell against the basket of six major currencies to close Friday's trading session in the red at 94.41 after Trump said that a higher interest rate would pressure the competitive advantage of the U.S. Economy. "It's a two-way float", Geng Shuang, foreign ministry spokesman, said at a regular briefing in Beijing when asked to comment on Trump's remarks on the yuan.

As of July 17, hedge funds and other futures speculators were the most bullish on the greenback since February 2017, U.S. Commodity Futures Trading Commission data show.

The New Zealand bonds closed Monday's session on a lower note amid a muted trading session that witnessed data of no major economic significance.

In early trade Tuesday, the yield on 10-year Chinese government bonds jumped 5 basis points to 3.57 percent.

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The Treasury secretary pointed out several sectors where USA sales to China could rise, including energy, agricultural products and technology.

The Japanese 10-year government bond yields hit a 6-month high as investors' speculation rose over a possible change in the monetary policy by the Bank of Japan (BoJ) ahead of the central bank's two-day meeting on July 30-31.

Trump said in a Twitter message "China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge".

On top of the policy easing, analysts also cited new rules governing financial institutions' wealth management and asset management businesses for the jump in shares, noting they were less stringent than expected and would help to reduce systemic risks. Investors' will continue to track broad-based market sentiment, as USA existing home sales and Chicago Fed National Activity Index. The fixing was 298 pips or 0.44 percent weaker than Monday's midpoint of 6.7593.

China operates a managed floating exchange rate.

In the past month, the yuan has weakened about 4.5 percent against the dollar, despite the PBOC's governor, deputy governor and the head of the banking and insurance regulator having each expressed confidence in the currency and stressing that China does not plan to devalue to gain a competitive advantage.

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