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China wields currency as weapon with Trump tensions rising

Added 05-30-20 02:04:02pm EST - “China's currency has dropped below levels that prompted the Trump administration to label Beijing a currency manipulator last year.” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “China wields currency as weapon with Trump tensions rising”. Below is an excerpt from the article.

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President Trump vows he will protect America's financial security from China and says Hong Kong has been mistreated by the Chinese government.

China has quietly allowed its currency, the yuan, to slide to its weakest level against the U.S. dollar in over a decade as the Trump administration ratcheted up attacks on Beijing over its crackdown on Hong Kong and handling of the COVID-19 outbreak.

The so-called renminbi, or RMB, which has slid 2.47 percent versus the U.S. dollar year-to-date, on Wednesday fell to less than 7.17 per dollar, its weakest since 2008. That pushed the currency below the levels that last summer caused the Trump administration to label Beijing a currency manipulator. The label was removed in January as the two sides ironed out an initial trade agreement.

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