China let the yuan breach the key 7-per-dollar level on Monday for the first tim...
SHANGHAI - China let the yuan breach the key 7-per-dollar level on Monday for the first time in more than a decade, in a sign Beijing might be willing to tolerate more currency weakness that could further inflame a trade conflict with the United States.
Some analysts said the yuan move could unleash a dangerous new front in the trade hostilities - a currency war. “The fact that they have now stopped defending 7.00 against the dollar suggests that they have all but abandoned hopes for a trade deal with the U.S.,” he said.In a statement on Monday, the central bank linked the yuan’s weakness to the fallout from the trade war, but said it would not change its currency policy and that two-way fluctuations in the yuan’s value are normal.
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