US President Donald Trump speaks to the press on the South Lawn of the White House before departing on Friday.
It is likely that the exchange rate of the yuan against the United States dollar will pass 7 multiple times within the year, according to a note UBS sent to the Global Times.
"We want to see how long the yuan stays past 7 to see if this is just a warning shot".
"I spoke to Chuck Schumer, we had a great call and Chuck Schumer, in particular, loves my China policy, as you probably know".
The US had already slapped a 25 per cent tariff on a separate United States dollars 250 billion of Chinese imports.
The Fed raised the benchmark U.S. interest rate four times past year, a total of a full percentage point, but pulled back with a rate cut last week.
"A further escalation of the trade tensions, for example the USA raising tariffs to 25 percent on remaining imports from (China), could reduce growth by around 0.8 percentage points over the following 12 months", the International Monetary Fund said. -China trade war, reinforcing views that more growth boosting measures will be needed to spur investment and stabilize activity. In response, President Trump ordered a 10 percent tariff on $300 billion of Chinese goods not yet subject to import duties.
As The Hill reported, More than 50 percent of respondents in a new survey say they will not vote for President Trump when he seeks reelection in 2020.
"No, we don't have to", Trump said last Friday when asked whether he plans to devalue the greenback, though he added that if the Federal Reserve were to cut interest rates it "would automatically bring down the dollar a little bit", relieving pressure on exporters. "I really made the decision it's much simpler not to do any business with Huawei".
Markets received another jolt on Monday when China retaliated by letting the value of its currency fall to the lowest level since 2008, raising fears of a currency war between the world's two biggest economies.
While China hasn't given a clear indication of when the currency would begin circulation, Cointelegraph notes that earlier this year the country's central bank announced intentions of accelerating the development of a national digital currency.
PBoC, the People's Bank of China has stated that its digital currency can now be considered ready.
The trade tussle - which has expanded beyond just trade, with the Trump administration formally dubbing China a currency manipulator - has rattled US and global markets.