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

Section: Daily Dispatches

By Kevin Yao and Noah Sin
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. ...

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