The Chinese yuan crossed a closely watched 7 barrier against the dollar on Monday following a recent reescalation in the trade war between Beijing and Washington.
"I think this is clearly a retaliation that in the past China has refrained from doing," Claudio Piron, co-head of Asia rates and foreign exchange strategy at Bank of America Merrill Lynch Global Research, told CNBC's "Street Signs" on Monday.country does not want a trade war with the U.S. but is not afraid of fighting oneWhat we really want to keep a look out for ... is how this is then interpreted by the U.S.
The move to place the fixing "significantly" above 6.9 shows China "likes to be in control of the situation," Piron said. "As long as it's a one-off and everyone sees that as credible, that it's okay," David Mann, global chief economist at Standard Chartered Bank, told CNBC's "Squawk Box" on Monday.
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