An employee counts 100-yuan notes at a bank in Nantong in China's eastern Jiangsu province on July 23, the day China rejected accusations by US President Donald Trump that it was manipulating the yuan to give its exporters an edge. Photo: AFP
Aidan Yao
Opinion

Opinion

Macroscope by Aidan Yao

The real reasons the yuan fell had little to do with Chinese manipulation

Aidan Yao says that the recent sharp fall in the value of China’s currency has been driven by several factors, including the trade tensions with the US. Beijing’s focus from here on will likely be on fiscal stimulus, rather than run the risks that a major devaluation would hold

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An employee counts 100-yuan notes at a bank in Nantong in China's eastern Jiangsu province on July 23, the day China rejected accusations by US President Donald Trump that it was manipulating the yuan to give its exporters an edge. Photo: AFP
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Aidan Yao

Aidan Yao

Aidan Yao is senior emerging Asia economist at AXA Investment Managers. Prior to joining AXA IM, he was a senior financial market analyst at the Hong Kong Monetary Authority for two years. He started his career at the Reserve Bank of New Zealand in 2007, serving as an economist and later senior financial market analyst until late 2011. He holds a master degree in finance (2006) and a bachelor degree in economics and finance (2005) from the University of Otago (NZ). He is also a chartered financial analyst.