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SHANGHAI, Dec 6 (Reuters) - The yuan was little changed on Friday against the dollar,
but is headed for its tenth straight weekly loss amid concerns that new tariff threatened
by President-elect Donald Trump will heighten strains on the struggling Chinese economy.

Analysts expect the dollar to remain firm as Trump's policies are expected to drive up U.S.
inflation, but they believe Beijing will prevent the yuan from falling too much.
"We anticipate some depreciation pressure in an expected strong dollar environment," Lynn Song, Greater China chief economist at ING, said in a note.


However, "we don't expect an intentional large-scale depreciation and think the yuan will remain a low-volatility currency vis-à-vis most other Asian currencies." The yuan was changing
hands at 7.2549 per dollar around midday, little moved from the previous close.

Although the currency has rebounded from a one-year low of 7.2996 hit on Tuesday, it is poised to register its
longest weekly losing streak since 2018. The dollar index fell to one-week low overnight and "the USD's consolidation should unwind the upside pressure building" in the yuan, aided
by ongoing attempts by China's central bank
to restrain its decline, said Alvin Tan, strategist at RBC Capital Markets.


Recent data has painted a mixed picture of China's economic recovery, with manufacturing activities improving,
but property sales in many Chinese cities remaining weak.
China's "economic landscape is unarguably dull, and the absence of excitement is perhaps the most salient feature," said John Browning,
managing director of BANDS Financial.
He doesn't expect huge stimulus to be announced during next week's Central Economic Work Conference, as "Beijing's largesse will be reserved until after Trump is restored to the White House and the trade war formally begins." Top policymakers will gather
at the conference to agree on major economic goals for next year.


But the target for 2025 growth, one of the most closely-watched
indicators globally for clues of Beijing's near-term policy intentions, likely will not be officially announced until an annual parliament meeting in March.

During Trump's first term as president, the yuan weakened about 5% against the dollar after the initial round of U.S.

tariffs on Chinese goods in 2018, and fell another 1.5% a
year later when trade tensions escalated. Growth worries and expectations of further monetary
easing by Beijing pushed China's 10-year treasury yields below 2% to record lows this week, worsening the yield disadvantage against
the U.S., and exerting downward pressure on the yuan. ING's Song
expects the onshore yuan to move within a band between 7.00-7.40 per dollar, but could fall further to 7.50
"if tariffs come in earlier or more aggressive than our forecasts." LEVELS
AT 03:47 GMT GMT INSTRUME CURRENT UP/DOWN( % CHANGE DAY'S DAY'S LOW NT
vs USD -) VS.

YR-TO-DATE HIGH PREVIOUS CLOSE % Spot 7.255 0.09
-2.11 7.2518 7.2675 yuan <CNY=CFX S Offshore 7.2615 0.03 -1.87
7.2574 7.2733 yuan spot (Reporting by Shanghai newsroom; Editing
by Kim Coghill)

Dutch retailers paying "starvation wages" to Indian textile workers - report
By REUTERS

Published: 16:35 GMT, 27 September 2016 | Updated: 16:35
GMT, 27 September 2016









e-mail



By Anuradha Nagaraj

CHENNAI, India, Sept 27 (Thomson Reuters Foundation) - Dutch fashion retailers are paying "starvation wages" at factories in a major hub for the
global garment industry in southern India, forcing many workers
into crippling debt, a report on Tuesday showed.

Workers surveyed at 10 garment factories in and around Bengaluru in the
southern Indian state of Karnataka took home on average 90 euros
($100) a month, and 70 percent were in debt, the report by
four non-profit organisations said.

The factories were supplying Dutch brands that have "acknowledged the importance of living wages".



They included Coolcat, G-Star, The Sting, MEXX
Europe, McGregor Fashions, Scotch & Soda, Suitsupply, WE Fashion and C&A.
The C&A Foundation partners with the Thomson Reuters Foundation on trafficking and slavery coverage.


"Workers cannot properly support their families with this wage," said the report, "Doing Dutch", co-authored by Clean Clothes Campaign, the India Committee of the Netherlands, Asia Floor Wage Alliance and Cividep India.


"Food and housing, usually a one-room apartment without a water tap and with a shared toilet outdoors, are the biggest expenses. Almost everyone would like to buy healthier and more varied food, but is unable to do that because of low wages."

Responding to the report, companies have said they were putting
procedures in place to overcome the challenges with regard
to wages, overtime payment, working hours, creche and hostel facilities for workers.


The $40 billion Indian textile and garment industry,
much of which operates in the informal sector and is poorly regulated, employs an estimated 45 million workers.


The report said there are around 300,000 workers in and around Bengaluru,
the capital of Karnataka, and that 80 percent of the workers in the city's 1,200-odd factories are women.

A woman worker interviewed in 2015 said she walked an hour to work and an hour back
to save on bus fare.

"These women are working very hard for a pittance," said Tara Scally,
spokeswoman of the Clean Clothes Campaign.

The International Labour Organisation defines a living
wage as a "basic human right". Last year, the Asia Floor Wage campaign pegged a decent living
wage in India at 18,727 rupees ($282) per month.


"We expect garment companies to make a concrete plan for a living wage for all workers and to make sure that their procurement price enables the suppliers to pay a living wage," Gerard Oonk, director of the India Committee of the
Netherlands, said in a statement. ($1 = 0.8925 euros) ($1 = 66.4996 Indian rupees) (Reporting by Anuradha Nagaraj, Editing by Timothy Large and Katie Nguyen.; Please credit the Thomson Reuters Foundation,
the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking and climate change.

Visit website retailers paying "starvation wages" to Indian textile workers...

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