Its leash lengthened, China's yuan flirts with trade war role

Section:

By Kevin Yao and Noah Sin
Reuters
Thursday, September 26, 2019

China, having let the yuan cross the once-sacred red line of 7 per dollar, will allow its currency to fall further and may even risk U.S. anger by using it as a bargaining chip in already thorny trade talks, market participants believe.

Beijing had kept the yuan on the strong side of 7 since 2008, so effectively abandoning that trading floor on Aug. 5 triggered intense investor activity.

... Dispatch continues below ...



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The currency's 3.8% decline in August as a whole was its sharpest monthly fall in 25 years, prompting U.S. President Donald Trump to launch a fresh salvo in the more than 15-month tariff war by labeling China a currency manipulator.

While the central bank denies that charge, its attempts this month to smooth the yuan's weakening suggest the currency's fluctuations are not entirely unsupervised. ...

... For the remainder of the report:

https://www.reuters.com/article/us-china-markets-yuan/its-leash-lengthen...

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