China let its currency, the renminbi, slip earlier this month, sending markets crashing as it retaliated against the US in their trade war.
China's renminbi slipped to its lowest level in a decade on Thursday, after earlier this month allowing its currency to weaken to more than 7:1 to the dollar. The weaker currency will help China in the trade war, as it helps to stop capital flight out of the country, but also makes imports into China more expensive. China retaliated to added tariffs imposed by Trump earlier this month by letting the currency fall — in doing so it sent markets tumbling.
China's renminbi slipped to its lowest level in a decade on Thursday, after earlier this month allowing its currency to weaken to more than 7:1 to the dollar. The weaker currency will help China in the trade war, as it helps to stop capital flight out of the country, but also makes imports into China more expensive. China retaliated to added tariffs imposed by Trump earlier this month by letting the currency fall — in doing so it sent markets tumbling.
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