Heard on the Street: Being able to blame a big yuan drop on Trump—rather than more fundamental problems—is actually rather helpful
China’s leaders appear to have concluded that they won’t secure an acceptable trade deal with President Trump. What they can do is try to weather the next 18 months while inflicting maximum political damage—and hope a weakening U.S. economy delivers a new president.
Letting the yuan weaken over 1%, passing the key level of seven to the dollar, was clearly meant to provoke. Shortly after the currency crossed the line Monday morning, China’s central bank released a statement pegging the weakness to “protectionist measures and...
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