China Prepared to Weaken Currency Again if Trade War Intensifies
Beijing is prepared to weaken its currency again, it announced on Thursday amid an ongoing trade space with the United States.
The People's Bank of China set the yuan midpoint at 7.0039 to $1 on Thursday, and anticipated further decrease, according to the New York Times. China's deployment of a weaker currency helps its factories offset higher costs on U.S tariffs on imports, the report said.
This week, the yuan has fallen to the $7 level for the first time since 2008.