China’s currency suffered its largest ever monthly fall against the US dollar in June, sparking concern that Beijing is prepared to use currency devaluation as a weapon in an escalating trade war with the US.
From 2005 to mid-2014, China systematically intervened in its currency markets to weaken the value of the renminbi, sparking accusations that Beijing was seeking an unfair competitive advantage for its exporters.
US president Donald Trump revived those accusations during his 2016 campaign, despite the fact that China had already switched to a policy of supporting the renminbi to prevent capital flight.
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