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Lakhvi release: India takes up concerns with China at ‘highest level’

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New Delhi: India has taken up with China “at the highest level” its concerns over Beijing blocking its move in the UN for action against Pakistan over the release of 26/11 mastermind Zaki-ur-Rehman Lakhvi from jail last month.

In response to a question on China’s statement on Lakhvi at the United Nations, ministry of external affairs spokesperson Vikas Swarup said: “Government had taken up the issue of violation of the 1267 sanctions regime in respect of Zakiur Rehman Lakhvi.

“Our concerns in this matter were conveyed to the chair of the 1267 Committee. We also raised this bilaterally with the other member of the committee. In the case of China, this matter has been taken up at the highest level.”

The UN Sanctions Committee, which met at India’s request, was to seek a clarification from Pakistan on Lakhvi’s release in the Mumbai attacks trial but China blocked the move on grounds that India did not provide sufficient information, according to reports.

India had approached the UN last month against Lakhvi’s release from Adiala Jail, following the Lahore High Court verdict declaring his detention orders illegal.

(IANS)

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China And Russia Accused of Manipulating Their Currencies By Trump

Donald Trump to accuse China and Russia as their currency manipulators

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Donald Trump is the President of U.S.
FILE IMAGE- Donald Trump

U.S. President Donald Trump said on Monday it is unacceptable that Russia and China are devaluating their currencies, days after the Treasury Department declined to label these countries as currency manipulators in its latest report.

Amid a possible new round of sanctions against Russia and a simmering trade war with China, Trump tweeted Monday morning, “Russia and China are playing the Currency Devaluation game as the U.S. keeps raising interest rates. Not acceptable!

In general, when a country artificially devaluates its currency, its exports become cheaper and more competitive in the global marketplace.

The currencies of U.S, China and Russia.
FILE – The U.S. dollar, Indonesian rupiah and Chinese renminbi currencies are displayed in the poster of a money exchange shop in Jakarta, June 12, 2013. VOA

During his presidential campaign, Trump has repeatedly accused China of lowering the value of its currency and vowed to formally label China as a currency manipulator, but so far has failed to do so.

White House Press Secretary Sarah Sanders says the administration is closely watching China’s currency practices. “That’s something that the Treasury Department is watching very closely and we’re continuing to monitor it,” she said Monday.

In a semiannual report titled “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States” released last Friday, the Treasury Department did not designate China as a currency manipulator, but put it as one of the six countries on a monitoring list. The other five countries on the list are Japan, Korea, India, Germany, and Switzerland. Russia is not on the monitoring list. The Chinese currency, the renminbi, has appreciated over 3 percent against the dollar since the beginning of this year, after strengthening by over 6 percent in 2017.

Also Read: Trump: US ‘Being Stolen’ by Illegal Migrants

Brad Setser,a senior fellow at the Council on Foreign Relations and a former Treasury Department official said in an interview with VOA he does not think it is an accurate complaint that Russia and China are playing the currency game.

“The Russian ruble was actually quite stable before the sanctions on Russia were intensified. It’s quite clear the volatility in the ruble is a function of the intensification of U.S. sanctions, a sign that the sanctions are biting,” he explained.

Setser said over the past several months, the Chinese yuan has actually appreciated, and China has not been intervening heavily.

“There are plenty of things to criticize China for on trade, but right now, there’s no real basis for criticizing China on currency,” he noted.

Russia's Central Bank Chief.
Russia’s Central bank chief Elvira Nabiullina presents the new 2,000 and 200 ruble banknotes in Moscow on Oct. 12, 2017. VOA

In the past three years, the Federal Reserve raised interest rate six times to a range between 1.5 percent and 1.75 percent, and said they expect to raise the rate two or three more times this year.

Usually, when a country raises its interest rates, the value of its currency rises, making its exports more expensive and less competitive. However, higher U.S. interest rates have not raised the value of the dollar.

“The interesting puzzle that the market has been pondering for the past several months is that the dollar has actually weakened even as the U.S. has raised rates, and even as U.S. passed legislation to expand the fiscal deficit,” Setser said.

Also Read: This Way China Can Help India In The Terms of Artificial Intelligence

Former Deputy Assistant Secretary for International Economic Analysis at the Treasury Department Setser stressed the United States should not label China as a currency manipulator at this moment.

“It would undermine the United States’ credibility to name China at a point in time when there is no plausible case that China is managing its exchange rate in a way that is adverse to the U.S. interest,” he said.  VOA

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