On Breakingviews – Trump’s tariffs put yuan shorters back in the game, says petesweeneypro:
FILE PHOTO: U.S. dollar and China yuan notes are seen in this picture illustration June 2, 2017. REUTERS/Thomas White/Illustration/File Photo - RC1830F85560
The renminbi, as the currency is officially known, was in a holding pattern for months. Market optimism disintegrated last week, though, when Trump suggested China had gone back on earlier commitments. On Friday, he raised the levy on $200 billion of Chinese goods to 25%. Beijing has retaliated in kind.
Beijing, however, needs to focus on shoring up a bruised economy. A tentative recovery that looked underway in the first quarter showed signs of unwinding even before the trade battle resumed. Exports, which account for around one-fifth of GDP, fell unexpectedly in April, and factory activity cooled. If the central bank is forced to lower interest rates to revive investment, the currency might fall further.
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