US dollar and Chinese yuan notes are seen in this picture illustration from June 2017. Photo: Reuters
New IMF report doesn’t back Donald Trump’s currency manipulation charge against China
- Review shows Beijing actually took steps last year to prop up yuan after it declined against dollar between mid-June and early August
- Analysis comes just days after US Treasury formally designated China as a currency manipulator
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Currency war
US dollar and Chinese yuan notes are seen in this picture illustration from June 2017. Photo: Reuters
Analysts have warned that a potential currency war could result in a global financial crisis and recession. Photo: Felix Wong
Is China’s ‘currency manipulator’ tag the start of a global recession, currency war?
- China allowed the yuan to weaken below 7 to the dollar on Monday, raising fears of a financial crisis and global recession
- The value of the yuan has been a key focus for US President Donald Trump during the trade war
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China economy
Analysts have warned that a potential currency war could result in a global financial crisis and recession. Photo: Felix Wong