Traders work at the New York Stock Exchange on August 5, 2019 at Wall Street in New York City. Selling on Wall Street accelerated early on Monday as a steep drop in the Chinese yuan escalated the US-China trade war following President Trump's announcement of new tariffs last week. Photo: AFP Traders work at the New York Stock Exchange on August 5, 2019 at Wall Street in New York City. Selling on Wall Street accelerated early on Monday as a steep drop in the Chinese yuan escalated the US-China trade war following President Trump's announcement of new tariffs last week. Photo: AFP
Traders work at the New York Stock Exchange on August 5, 2019 at Wall Street in New York City. Selling on Wall Street accelerated early on Monday as a steep drop in the Chinese yuan escalated the US-China trade war following President Trump's announcement of new tariffs last week. Photo: AFP

China and US mutual mistrust brought economic superpowers to brink of currency war, analysts say

  • China allowed the yuan to weaken beyond a key level on Monday to follow market trends, but the timing was off, according to market watchers
  • Washington labelling China as a currency manipulator ratcheted up trade war but neglected Beijing’s rationale for allow the yuan to fall, others observed

Topic |   Currency war
Traders work at the New York Stock Exchange on August 5, 2019 at Wall Street in New York City. Selling on Wall Street accelerated early on Monday as a steep drop in the Chinese yuan escalated the US-China trade war following President Trump's announcement of new tariffs last week. Photo: AFP Traders work at the New York Stock Exchange on August 5, 2019 at Wall Street in New York City. Selling on Wall Street accelerated early on Monday as a steep drop in the Chinese yuan escalated the US-China trade war following President Trump's announcement of new tariffs last week. Photo: AFP
Traders work at the New York Stock Exchange on August 5, 2019 at Wall Street in New York City. Selling on Wall Street accelerated early on Monday as a steep drop in the Chinese yuan escalated the US-China trade war following President Trump's announcement of new tariffs last week. Photo: AFP
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