We had a dramatic week filled with dramatic episodes.
Trump raised tariffs on Chinese goods and China let the yuan fall past CNY 7.0 to the dollar, which was seen as a “line in the sand” because of China’s refusal to allow that back in 2017.
As a result, the US labeled China a “currency manipulator,” which is ironic since for quite some time it’s only “manipulated” its currency to support it in the face of capital outflows. In this case, China let the market take it where it would and got labeled a “manipulator” for allowing free market forces…
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