US-China trade war if leading to a full-blown currency war as PBOC is increasingly favoring a weaker Yuan. USD/CNY hit fresh one-year high above 6.8. The People’s Bank of China (PBOC) is increasingly favoring a weaker currency as it would help the economy absorb shocks from trade war with the US. The central bank devalued the Yuan by most since June 2016 earlier today, practically egging markets to bet against the Chinese currency. As a result, USD/CNY has risen above 6.8 for the first time since July 12, 2017. More importantly, the slide in CNY is pushing the USD higher across the board and that could force the Trump administration (and the Fed) to take retaliatory action. President Trump has already expressed concerns regarding Fed rate hikes and may up the ante in coming days if the CNY continues to lose ground. Clearly, two of the biggest economies of the world are closing on a full-blown currency war. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/USD trying to recover from a downside spike as China slashes Yuan exchange rate FX Street 5 years US-China trade war if leading to a full-blown currency war as PBOC is increasingly favoring a weaker Yuan. USD/CNY hit fresh one-year high above 6.8. The People's Bank of China (PBOC) is increasingly favoring a weaker currency as it would help the economy absorb shocks from trade war with the US. The central bank devalued the Yuan by most since June 2016 earlier today, practically egging markets to bet against the Chinese currency. As a result, USD/CNY has risen above 6.8 for the first time since July 12, 2017. More importantly, the slide in CNY is pushing the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
