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Seven days: 9 August 2019

Seven days: 9 August 2019

Currency clash

Trade war continues 

Tensions between Washington and Beijing show no signs of cooling after the US officially named China a “currency manipulator”. Monday’s announcement from the US Treasury followed a shock fall in the value of the Chinese yuan. For the first time since 2008, the yuan passed the seven-per-dollar line, taking markets by surprise. Trump took to twitter to condemn what is being treated as Chinese foul-play and defend his tariff policy, saying that it is clear that “Americans are not paying for the Tariffs”. The People’s Bank of China blamed the yuan’s flop on trade protectionism.

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