Trade war risks becoming a dangerous currency war as China weakens yuan the most in 2 years [CNBC]
Comcast Corporation - Class A (CMCSA)
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Source: CNBC
On the surface, the tit-for-tat trade war between the U.S. and China appears to be turning into a currency war. President Donald Trump called out China and Europe Thursday and again on Friday for manipulating their currencies and keeping them low against the dollar. Hours after Trump's comments were first aired on CNBC Thursday, the People's Bank of China set the dollar's reference rate at 6.7671 yuan, steering the currency 0.9 percent lower and weakening it the most in two years. Trump followed his comments with a tweet Friday morning that criticized China, Europe and others for manipulating their currencies. tweet The dollar index , which measures the dollar against a basket of currencies, was more than 1 percent lower since Trump's comments on Thursday. Strategists said the trade war appears to be moving toward a currency war, but whether it becomes one has yet to be seen. It’s starting to smell like it. We've had a trade war that's been going on for awh
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