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Weak yuan or strong US dollar?

While some US officials warn China against competitive devaluation, in fact, a strengthening US dollar is due more to US domestic forces than external factors

United States Treasury Secretary Steven Mnuchin last week warned China against devaluing its currency, saying that any US-China trade deal must include a currency agreement against "competitive devaluation".

The Chinese yuan has plunged against the strengthening US dollar this year - weakening more than the euro, but less than most other emerging market currencies like the rupee and rupiah.

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A version of this article appeared in the print edition of The Straits Times on October 16, 2018, with the headline 'Weak yuan or strong US dollar?'. Subscribe