China is buying crude oil from Iran using its currency the Yuan, an Iranian diplomat has said. Oil transactions are usually settled in dollars but US sanctions make it difficult for Iran to accept payments in the US currency.
The US Treasury on Tuesday criticized Japan's interventions to halt the Yen's rise in the last six months, saying they were unnecessary and that Tokyo would do better to strengthen its domestic economy and competitiveness.
Japan sold the Yen for the second time in less than three months after it hit another record high against the dollar Monday, saying it intervened to counter excessive speculation that was hurting the world's No. 3 economy.
China has the scope to respond if global economic risks materialize, and the country's response could partially but not entirely offset the impact of a global crisis, the International Monetary Fund's Asia and Pacific director said on Thursday.
China reiterated that an expected vote this week in the US Senate on a bill intended to pressure Beijing to allow its currency to raise if made into law would result in a trade war and hurt US-China ties.
Interest for Uruguayan ten-year bonds in Yens more than doubled the issue equivalent to 490 million US dollars. The bonds are guaranteed by Japan Bank for International Cooperation with a 1.6% yield.
Japan's parliament has passed a stimulus package worth about 61billion US dollars, designed to kick-start the country's fragile economic recovery. The government had already introduced several stimulus packages.
Japan's prime minister said that authorities would keep intervening to curb the country’s currency strength as sagging manufacturing confidence underscored the threat the currency poses to the fragile economic recovery.
Japan’s economy expanded at the slowest pace in three quarters. GDP rose an annualized 0.4% in the three months ended June 30 from a revised 4.4% expansion in the first quarter, the Cabinet Office said in Tokyo.