The fall in the value of the yuan, and the potential for China to further devalue its currency, risks inflaming tensions between Beijing and Washington and could lead to a severe response from the White House
: The U.S.-China trade war is heightening after the value of China's yuan fell to an 11-year low of seven to one dollar with Beijing facing accusations that it is weaponizing its currency after President Donald Trump threatened new tariffs last week.China's central bank, the People's Bank of China, maintains tight control over the value of the yuan, and the currency move comes just days after Trump announced that the U.S.
Julian Evans-Pritchard, senior economist at Capital Economics, said Beijing had been holding back on allowing the yuan to drop, over fears that it would further stoke trade tensions.: “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.”
Chinese state-owned agricultural business, which are some of the world's biggest purchasers of soybeans and other farms goods, have stopped buying U.S. imports until a trade deal has been struck, according toOn Monday, Trump tweeted that the measure was “currency manipulation” which would weaken China over time. “Are you listening Federal Reserve?” he added.: Trade negotiators from the U.S.
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