China’s yuan sinks amid fears Beijing may give up on US trade talks

Leadership could be ‘weaponising’ its currency, says one analyst, as Asia stock markets sink to six-month low

The simmering trade tensions between the United States and China have threatened to spark a full-blown currency war after Beijing allowed the yuan to drop below a level it had previously defended with sustained vigour.

China’s central bank allowed the yuan to sink below the sensitive seven-to-one dollar level for the first time since 2008 in what one expert called a “weaponisation” of the currency. In the wake of Monday’s news, Asian shares slumped to a six-month low.

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