, Columnist
The U.S.-China Currency War Is for Losers
There’s really no way either country comes out ahead.
No winners here.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
The trade war between the United States and China, which has simmered for more than a year, now threatens to become a currency war as well, magnifying the danger to both countries. U.S. stock markets didn't take it well on Monday when the Chinese yuan abruptly fell against the U.S. dollar:
The size of the exchange rate move wasn’t that big -- less than 2%. It’s dwarfed by the yuan appreciation that has taken place since early 2018. But more important than the currency movement was why it happened and what it portends.