US trade war has limited impact on China financial markets: Regulator
Tehran (KNA) - China's chief financial regulator says an ongoing trade war with the United States has had a limited impact on the country’s financial markets and its effects will be "even smaller" in the future.
Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission (CBIRC), said in an interview with broadcaster CCTV on Monday that China's stock and foreign exchange markets had not panicked.
The official said Beijing has never taken measures to deliberately devalue the currency.
Elsewhere in the interview, Guo, who is also the Communist Party official overseeing the People's Bank of China (PBOC), reiterated that speculative short sellers would suffer "heavy losses" if they bet against the Yuan.
Guo also said in a speech delivered at a forum in Beijing on Saturday that the US.escalation of trade tensions won't solve any of its problems but will create volatility in global markets and hurt the world economy. He stressed that higher US tariffs will have a "very limited" impact on China's economy even if it raises levies to the maximum level, and would hurt the US about as much.
Source: PressTV