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|NEW YORK Nike Air Max TN Bianche , Sept. 12 (Xinhua) -- The odds of significant U.S. tax reform, or even tax cuts, have declined drastically in the past month Nike Air Max TN Nere Scontate , a former U.S. government official said on Tuesday.
Peter Orszag, former director of the Office of Management and Budget in the White House, spoke at a forum by the Council on Foreign Relations here that tax reform is "the kind of thing that's always attractive Nike Air Max TN Nere , and then when you get into the details, all of a sudden it gets a lot harder."
In late August, U.S. President Donald Trump pushed Congress to pass a comprehensive measure to overhaul the tax code www.niketnnere.it , but didn't offer specific plans, which raised doubts about whether the administration could make progress in tax reform within this year.
Orszag argued that the U.S. lawmakers have more urgent issues to tackle right now than tax reform, namely the contentious DACA (Deferred Action for Childhood Arrivals) program and debt ceiling.
The Trump administration's latest move to rescind the DACA program Scarpe Air Max TN Scontate , which shields young immigrants brought into the United States illegally as children from deportation, has met strong protest from business leaders.
"It is interesting to me that the CEO of Microsoft has come out and said while we favor tax changes, that is a nice-to-have Nike Air Max TN Scontate , and the DACA legislation is a must-have. So we need to put DACA in front of tax-corporate tax changes, further pushing the corporate tax thing down the pike," said Orszag Air Max TN Scontate , who is also a vice chairman of investment banking at Lazard, a financial advisory and asset management firm.
Meanwhile, Trump reached a deal with the Democratic leaders last Wednesday to raise the federal government's debt limit and fund the government through Dec. 15.
Orszag noted that "it is implausible to me that you're going to get the tax stuff done before the debt limit and spending bills and whatever comes back into play in December."
He added that there is small chance that there will be some modest reduction in corporate rates next spring.
"But that's a very skinny package relative to what was initially expected Uomo Nike Roshe One Con Fiori Rosse Scontate ," he said.
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BEIJING， Oct. 22 (Xinhua) -- Though the Chinese currency renminbi， or the yuan， weakened to a six-year low against the U.S. dollar Friday， analysts said a sharp drop is unlikely despite persistent depreciation pressure.
The central parity rate of the yuan retreated 247 basis points to 6.7558 against the dollar， according to the China Foreign Exchange Trade System (CFETS)， the lowest level since September 2010.
The recent yuan depreciation can be attributed to a stronger dollar and growing downward pressure on the Chinese economy due to a possible correction in the high-flying property market， said Ren Zeping， chief economist at Founder Securities.
The U.S. dollar index， which measures the greenback against six major currencies， has hit its highest level since March following positive economic data from the country.
The dollar may ascend to even higher levels amid mounting speculation that the Federal Reserve would raise the interest rate by the end of the year， analysts said.
China's reform to make its exchange rate mechanism more market-oriented also lead to higher volatility for the yuan， Wang Chunying， spokesman for the State Administration of Foreign Exchange， said at a press conference.
Analysts believed despite short-term volatility from a stronger dollar， the yuan will maintain overall stability and the chance for a sharp depreciation is slim， backed by stable economic growth， balanced fiscal condition and ample foreign exchange reserves.
China's economy expanded at a steady 6.7 percent in the third quarter of the year， on track to meet the government's full-year growth target of 6.5 to 7 percent， as increased government spending and a property boom offset stubbornly weak exports.
To cool the property market amid concerns about asset bubbles， more than 20 major cities imposed home purchase restrictions early this month， which analysts said may weigh on growth over the coming quarters.
"A soft yuan could be expected to help bolster the economy somewhat， which could partially offset the possible slowdown in domestic demand due to property tightening，" said Zhou Hao， Senior EM Economist Asia with Commerzbank.
Analysts expected the exchange rate of the yuan to fluctuate between 6.8 and 6.65 against the dollar in the near future， and there will be solid support around 6.8.
"Given the fact that China's foreign exchange reserves fall to five-year low in September， it's important to control capital flows at this point，" said Hong Hao， managing director and head of research at BOCOM International.
Sharp yuan depreciation will drive more domestic investors seeking overseas asset allocation， fueling capital outflow. "The central bank will intervene to some extent in case of drastic fluctuations to minimize its risks，" Hong said.
It's noteworthy that while the yuan exchange rate against the dollar has reached the weakest in six years， the yuan is relatively stable against a basket of currencies.
The yuan exchange rate composite index， which measures the yuan's strength relative to a basket of currencies including the dollar， euro and Japanese yen， strengthened 0.57 percent compared with the end of September to 94.64 on October 14， according to the latest CFETS data.
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