Chinese Yuan Continues to Trade Weak, US Accuses China of Currency Manipulation

The Chinese yuan continues to trade bearish after the re-escalation of the trade war between US and China, a day after the US accused China of manipulating its currency to maintain its trade dominance. At the time of writing, USD/CNH is trading at around 7, after having recovered slightly from an all-time low.

Yesterday, global financial markets were severely impacted by the yuan falling below the key level at 7 against the US dollar. For now, investors wait to see how much weaker the currency would get before the Chinese government and PBOC step in to prevent further decline.

According to the US Treasury Secretary, Steven Mnuchin, the US government is planning to approach the IMF against China’s attempts to manipulate the yuan for a competitive advantage.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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