Some investors fear a currency war between the US and China is coming, after Beijing allowed the yuan to fall below a key symbolic level. jchatterleyCNN explains why the yuan is weakening, and how the Trump administration is responding.
For the first time in more than a decade, Beijing let the yuan weaken past the symbolically important level of 7 to the dollar on Monday. The Chinese central bank said the move mostly reflected market concern about"trade protectionism and new tariffs on China." President Donald Trump escalated the trade war last week by announcing that the United States would tax just about every Chinese export starting in September.
— Donald J. Trump August 5, 2019 Despite evidence to the contrary in recent years, Trump has continued to complain that China devalues its currency to make the country more competitive. The question is what he does now.In recent weeks, Trump has insisted that a currency intervention isn't off the table. In July, he rebutted a claim by his top economic adviser, Larry Kudlow, that the White House had "ruled out" direct action to weaken the dollar.
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