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1.Market Observations, 8.Was Sticky

6 Aug 2019 (AFR) – China’s new weapon in the trade war is the yuan

(6 August 2019, AFR, p1, Lisa Murray, Robert Guy and William McInnes)

‘China has hit back after Donald Trump’s latest escalation of the trade war, allowing the yuan to weaken beyond 7 against the US dollar for the first time since the global financial crisis, in a move analysts say “weaponises” its currency. Investors were unnerved across the region, triggering a 0.5 per cent drop in the Australian dollar to a 10-year low of US67.71¢. Miners BHP and Rio Tinto, and tech stocks, paced a  1.9 per cent fall in the S&P/ASX200 Index – the biggest decline since December 10. In a surprise decision, which comes amid a deepening political crisis in Hong Kong, the People’s Bank of China weakened the…’

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