Comic: Markets Fear U.S.-China Trade War Could Morph Into Full-Blown Currency War
Investing.com
Published Aug 13, 2019 07:34AM ET
By Jesse Cohen
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Investing.com - Market focus remained largely attuned to the next potential steps in the U.S.-China trade dispute as investors feared that ongoing weakness in China's yuan would expand the scope of the trade war to include currencies.
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China’s central bank set the official midpoint reference rate for the yuan at 7.0326 per dollar on Tuesday.
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It was the fourth consecutive session where the People’s Bank of China set the figure at a level weaker than the psychologically important 7-dollar level.
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The yuan depreciated past the symbolic 7-dollar mark last week for the first time since the 2008 Global Financial Crisis.
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That prompted Washington to label China a currency manipulator for the first time since 1994, sharply escalating the ongoing dispute between the world's two largest economies.
The comments raised concern that the risk of intervention to weaken the dollar was growing.
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-- Reuters contributed to this report
Written By: Investing.com
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