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China is letting the yuan crush the dollar, and Trump is just one reason
By Huileng Tan
CNBC, New York
Friday, February 23, 2018
The Chinese yuan has appreciated 10 percent against the dollar since the start of 2017, quelling some criticism that the export giant has been deliberately suppressing its currency to gain economic advantage over its trading partners.
This is all going according to China's plan, experts say.
... Dispatch continues below ...
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Although the strength of the yuan against the dollar is in part due to the greenback's weakness, experts say the world's second-largest economy is also propping up its currency to appease President Donald Trump.
China has "reversed the rise" of the dollar against the yuan, and there's now "meaningful" strength against the greenback, Bilal Hafeez, global head of G-10 foreign-exchange strategy at Nomura, wrote in a recent note.
"Part of this was likely a response to the election of President Trump and the need to avoid being labelled a currency manipulator," Hafeez added. ...
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