China’s move on foreign financial services would allow international securities firms and insurers to control brokerages and other businesses in China. Currently, foreign firms are allowed only partial stakes. China pledged a year and a half ago to allow foreign firms more leeway. But on Sunday, President Trump unexpectedly praised a modest decline in the value of the renminbi last year. He noted that the weakening of the renminbi then had offset some of the costs of his tariffs on Chinese goods for American consumers.

Source: International New York Times July 02, 2019 07:36 UTC