China fixed the renminbi at its weakest level in 18 months on Tuesday in the first sign it will permit currency depreciation to offset an escalating trade war with the US.
The People’s Bank of China weakened its fixing rate, the centre point of the band in which the exchange rate is allowed to trade, to just below Rmb7.20 a dollar. That is the lowest level since September 2023.
Any significant Chinese currency depreciation would mark a serious escalation in global trade tension because other countries would come under pressure to mount competitive devaluations of their own.
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