The Fed is not led by the U.S. president
Donald Trump accuses Europe and Chine of FX manipulations, but both the euro and the yuan are basically the victims of trade wars rather than its tools. In the second quarter, China’s economy was growing at the slowest pace (+6.3%) since 1992. The fiscal stimulus of 2 trillion yuan ($291 billion) is obviously not sufficient to stimulate the economic expansion as much as official Beijing would like. The trade battle with the United States has badly damaged China’s foreign trade. In June, Chinese exports to the U.S. were down by 7.8%…
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