The United States recognized China as a currency manipulator: the richest people in the world are poor
The US accused Beijing of manipulating its currency after China allowed the yuan to fall to its lowest level in more than ten years. The richest people in the world count their losses.
The US Treasury Department announced late Monday, August 5, that it had determined for the first time since 1994 that China is manipulating the yuan. The US dollar has fallen sharply, and gold prices have reached a six-year high, reports "Voice of America«.
The decision of US Treasury Secretary Stephen Mnuchin launched the official process of bilateral negotiations between the two largest economies in the world. It also fulfilled the promise of U.S. President Donald Trump on his first day in office.
“As a result of this decision, Minister Mnuchin will work with the International Monetary Fund to eliminate the unfair competitive advantage that has arisen due to recent actions by China,” the finance ministry said in a statement.
The IMF has not yet commented on the situation.
Meanwhile, 500 of the richest people in the world lost 2,1% of their total fortune, or $ 117 billion, on Monday trading results, Bloomberg calculated. The reason is a drop in quotes in the US markets, writes RBC.
In addition, the agency writes about an 21 person whose individual fortune declined by $ 1 billion or more. Amazon founder Jeff Bezos lost the most - minus $ 3,4 billion. Louis Vuitton president Moët Hennessy Bernard Arnaud (minus $ 3,2 billion), Facebook founder Mark Zuckerberg (minus $ 2,8 billion), the main owner of Indian Reliance Industries Mukesh Ambani (minus) $ 2,4 billion), Microsoft founder Bill Gates (minus $ 2 billion).
Despite this, Bezos remains, according to Bloomberg, the richest man on the planet with a fortune of $ 110 billion.
On the subject: Jeff Bezos makes more money per minute than the average American does in a year.
Even taking into account these losses, the aggregate fortune of 500 of the richest people in the world according to Bloomberg increased from January 1 by 11% to $ 5,4 trillion, the agency notes.
Forbes data is slightly different: the publication counted only 18 billionaires who lost $ 1 billion or more by the end of the day. According to the magazine, Arno suffered the greatest losses, whose fortune declined by $ 4 billion. Bezos is not mentioned in the material.
On Monday, US trading floors experienced the largest drop in quotes since the beginning of the year. Analysts attributed this to the ongoing trade war between China and the United States and to the depreciation of the Chinese yuan to its lowest level in a decade. The downturn also affected the oil markets: for a while, the Brent barrel was trading below $ 60. On Tuesday afternoon, October futures are trading just above this mark.
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