Thursday April 26, 2018
Home Business China’s...

China’s renminbi weakens

0
//
28
Republish
Reprint

Beijing: The central parity rate of the Chinese currency, the renminbi (yuan) weakened by 137 basis points to 6.5169 against the US dollar on Tuesday, according to the China Foreign Exchange Trading System.

The yuan hit its lowest level in more than four years in both onshore and offshore trade on Monday, as bad news about the country’s manufacturing activity unnerved investors, Xinhua reported.

The Caixin General China Manufacturing Purchasing Managers’ Index (PMI), an indicator of manufacturing activity, edged down to 48.2 in December from November’s 48.6 percent. The reading was the lowest since September.

A reading above 50 indicates expansion while a reading below 50 represents contraction.

The yuan has largely been trending down since China’s central bank revamped its foreign exchange mechanism last August to make the currency more market-based.

The yuan has been losing ground as the Chinese economy hit its slowest pace in a quarter century due to outstanding issues such as housing overhang and excess capacity.

Meanwhile, the US raised its interest rates in December and more hikes are expected in 2016.

The PBOC said in August that there is no basis for steady depreciation of the yuan. (IANS), (image courtesy: fortunedotcom.files.wordpress.com)

Click here for reuse options!
Copyright 2016 NewsGram

Next Story

China Firms Pledge To End Sexist Job Ads

'Men preferred': China tech firms pledge to end sexist job ads after damning report

0
//
18
FILE - Visitors use their smartphones underneath the logo of Tencent at the Global Mobile Internet Conference in Beijing, May 6, 2014.
FILE - Visitors use their smartphones underneath the logo of Tencent at the Global Mobile Internet Conference in Beijing, May 6, 2014. VOA

Chinese tech firms pledged on Monday to tackle gender bias in recruitment after a rights group said they routinely favored male candidates, luring applicants with the promise of working with “beautiful girls” in job advertisements.

A Human Rights Watch (HRW) report found that major technology companies including Alibaba, Baidu and Tencent had widely used “gender discriminatory job advertisements,” which said men were preferred or specifically barred women applicants.

Also Read: Fill This Form To Be Reincarnated In China (The Funny Side)

Some ads promised candidates they would work with “beautiful girls” and “goddesses,” HRW said in a report based on an analysis of 36,000 job posts between 2013 and 2018.

Tencent, which runs China’s most popular messenger app WeChat, apologized for the ads after the HRW report was published on Monday.

“We are sorry they occurred and we will take swift action to ensure they do not happen again,” a Tencent spokesman told the Thomson Reuters Foundation.

FILE - The Alibaba logo is displayed at the New York Stock Exchange, in New York.
FILE – The Alibaba logo is displayed at the New York Stock Exchange, in New York. VOA

E-commerce giant Alibaba, founded by billionaire Jack Ma, vowed to conduct stricter reviews to ensure its job ads followed workplace equality principles, but refused to say whether the ads singled out in the report were still being used.

“Our track record of not just hiring but promoting women in leadership positions speaks for itself,” said a spokeswoman.

Baidu, the Chinese equivalent of search engine Google, meanwhile said the postings were “isolated instances.”

Also Read: China And Russia Accused of Manipulating Their Currencies By Trump

HRW urged Chinese authorities to take action to end discriminatory hiring practices.

Its report also found nearly one in five ads for Chinese government jobs this year were “men only” or “men preferred.”

“Sexist job ads pander to the antiquated stereotypes that persist within Chinese companies,” HRW China director Sophie Richardson said in a statement.

“These companies pride themselves on being forces of modernity and progress, yet they fall back on such recruitment strategies, which shows how deeply entrenched discrimination against women remains in China,” she added.

China was ranked 100 out of 144 countries in the World Economic Forum’s 2017 Gender Gap Report, after it said the country’s progress towards gender parity has slowed.  VOA

Next Story