China’s currency is sending a warning signal a
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Posted On: 05/19/2019 8:09:18 AM
China’s currency is sending a warning signal about the trade war
PUBLISHED FRI, MAY 17 2019 2:42 PM EDTUPDATED FRI, MAY 17 2019 11:27 PM EDT
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China’s currency has been a closely watched barometer for progress in U.S.-Chinese trade talks, and for months the Peoples’ Bank of China seemed to keep it on a steady path.
Since President Trump first tweeted about new tariffs May 5, the yuan has lost 2.7% against the dollar and it is now sliding toward a psychological level that if reached, could send turbulence through global financial markets.
The currency could be testing that level of 7 in the coming week, and traders are watching to see whether China’s central bank will defend the key level of 7, as expected.
“It’s also unclear whether the Chinese officials want to fight hard to keep the currency stable,” said Jens Nordvig, CEO of Exante Data.
https://www.cnbc.com/2019/05/17/chinas-curren...trade.html
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