Yuan’s Drop Threatens to Alienate US, Ignite Currency War With Asia

Yuan’s Drop Threatens to Alienate US, Ignite Currency War With Asia

from Money News:

Chinese authorities have been intervening since last month to push the yuan down, and the move threatens to upset the U.S. and ignite a currency war with Asia.

The dollar has gained 2.4 percent against the yuan since Feb. 14. The Chinese currency had been gradually appreciating, amid pressure from Washington, over the past nine years.

The People’s Bank of China (PBOC) believes that the yuan’s downturn was necessary to punish speculators who gambled on a continued appreciation for the currency, people with direct knowledge of the central bank’s thinking told The Wall Street Journal.

Read More @ MoneyNews.com

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