‘No' Currency War, Yuan's Quiet Drop Ends, FTA Rejected: Eco Day

(Bloomberg) -- Welcome to Monday, Asia. Here’s news from Bloomberg Economics to help get your day started:

  • “No.” That was U.S. Treasury Secretary Steven Mnuchin’s response to a question on whether investors should be worried about a currency war erupting
  • China’s good fortune of exchange rate depreciation failing to elicit a global backlash seems to have come to an end after Trump caught on
  • Punishment goes unrewarded. One of Japan’s top policy makers indicated the government will continue to resist U.S. efforts to create a bilateral free trade agreement, citing damage caused by American trade policy
  • G20 wrap: Trump is unconventional but understandable on trade, Australia said, while France is increasingly unnerved by the trend of ‘law of the jungle.’ Europe is showing unity rarely seen of late in confronting the U.S. on trade while the EU’s economics chief warned of the risks to global growth, a view echoed by the G-20 in its final statement
  • China’s deleveraging threatens South Korea’s mainland-dependent economy, the central bank in Seoul warned
  • Squaring the circle. Japan’s central bank is trying to keep its stimulus stable while mitigating its impact on markets and commercial banks

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