Home / Uncategorized / ‘China doesn’t need to punish itself for other’s foolish trade policies’: Wall Street warns Beijing against weakening its currency

‘China doesn’t need to punish itself for other’s foolish trade policies’: Wall Street warns Beijing against weakening its currency

yi wang pboc people's bank of china central bankAP/Emily Wang

The Chinese yuan has been sinking to fresh lows versus the dollar.
The People’s Bank of China has tolerated the depreciation beyond its own stated exchange-rate policy.
But analysts say yuan depreciation as a tool in a trade war would be too costly.
Follow the Chinese yuan in real time here.

Amid China’s currency sell-off and a trade battle with the US, some analysts are drawing comparisons to 2015 when the central bank allowed the yuan to drop nearly 5%.

The yuan on Tuesday hit its lowest level versus the dollar in nearly a year. The currency has plummeted 6% versus the dollar since March, when the Trump administration announced plans to penalize China for what officials found to be unfair trade practices. See the rest of the story at Business Insider

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See Also:

Chinese stocks slammed again as the trade war-fuelled bear market deepensA group linked to the Chinese government has warned of a looming ‘financial panic’The Chinese yuan has crashed to its lowest point this year

SEE ALSO: Trump’s trade policy is a rerun of a terrible 1980s policy where ‘American consumers were the biggest losers’


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