China's move to devalue its currency could prove to be a double-edged sword in its escalating trade war with the United States (US), offsetting tariffs but potentially hurting Beijing's efforts to shore up its weakening economy, analysts say.Although China's central bank governor Yi Gang insisted Monday that the country would "not engage in competitive devaluation", Washington wasted no time in formally labelling Beijing a currency manipulator when the yuan plunged be
China’s currency has started falling again. The last major depreciation of the Chinese renminbi began in the second half of 2015, triggered by a surge in capital outflows. Despite repeated interventions by the People’s Bank of China (PBOC), markets remained frenzied for more than a year. The currency’s value fell to nearly CN¥7 per United States (US) dollar, before stabilizing in early 2017.The latest decline has been even sharper.