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5th August 2019
China weaponizes its currency against the US.

For the first time since 2008 the Chinese renminbi has weakened to 7.00 per dollar. This level of currency weakness has always represented a watershed level which the Chinese government had sought to avoid, in part to avoid being accused of currency manipulation given the boost to international exports China would gain from this level of weakness in their currency. The move past 7.00 to the dollar would appear in direct response to the recent escalation in US tariffs and would indicate the Chinese government are now content to weaponize their currency against the US which is a step in the wring direction when it comes to securing a trade deal.