In our news wrap Tuesday, Turkish authorities announced plans to search Saudi Arabia’s consulate in Istanbul, where Saudi journalist Jamal Khashoggi was last seen. Turkish officials believe Khashoggi was killed in the consulate, but the Saudi government denies it. Also, China declared that it has no plans to weaken its currency to counter U.S. tariffs, a day after the yuan sank to a 22-month low.
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In the days's other news, authorities in Turkey announced plans to search Saudi Arabia's consulate in Istanbul, where a Saudi journalist vanished last week.
Turkey says Jamal Khashoggi was murdered there. The Saudis deny it. A surveillance photo published by The Washington Post shows Khashoggi entering the consulate. There is no evidence he ever left. President Trump said today that he has not spoken with the Saudis about the incident, but he plans to.
China insisted today that it has no plans to weekend its currency in order to counter U.S. tariffs. That comes a day after the Chinese yuan sank to a 22-month low against the dollar. The foreign ministry denied that China would use devaluation to make its exports less expensive and offset the tariffs.
Lu Kang(through translator):
We have no intention of promoting exports through the competitive devaluation of currency and will not use the exchange rate as a tool to respond to disputes in trade or other areas. I also want to say that these types of remarks are just some people making groundless speculation, and they are irresponsible remarks.
So far this year, China's yuan has lost almost 10 percent of its value against the dollar.
Back in this country, the Trump administration is moving to lift a ban on year-round sales of high-ethanol gasoline. It is expected to be a boon to corn producers who are worried about the trade war with China. Existing restrictions had limited ethanol use during the summer in order to cut down on pollution, on smog.
And on Wall Street, the Dow Jones industrial average lost 56 points to close at 26430. The Nasdaq rose two points, and the S&P 500 slipped four.