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China lets yuan break key 7 level for first time in decade as trade war worsens

August 05, 2019

Editors note: China is now fighting back through manipulating the allowed trading band for the renminbi. The US needs to stop sleepwalking through this next currency conflict and pass the competitive dollar for jobs and prosperity act.

SHANGHAI (Reuters) - 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.

[Andrew Galbraith, Winni Zhou | August 5, 2019 | Reuters]

Read the original article here.

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