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Markets take a beating as China lets yuan slide in response to US : Risk of currency war looms as US threat to raise tariffs triggers move to 'weaponise' yuan

Aug 06, 2019 - The Straits Times (Singapore)

China's move to weaponise the yuan in response to United States President Donald Trump's proposed tariff hike sent markets across Asia and Europe skidding deeper into the red and heightened risks of a painful currency war.

The Chinese yuan slid past seven against the greenback - a critical threshold that has not been breached in more than a decade - fuelling concerns that a weaker Chinese currency could unleash a wave of deflation across the world amid weakening global demand, especially ...