China Draws a Red Line for the Yuan as Trump Risks Return [Yahoo! Finance Canada]
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Source: Yahoo! Finance Canada
(Bloomberg) -- A line in the sand is starting to emerge for the yuan, as China tightens its grip on a currency that is facing fresh tariff threats from US President-elect Donald Trump. Most Read from Bloomberg The People's Bank of China has consistently set its daily reference rate — Beijing's preferred tool to guide yuan expectations — stronger than 7.2 per dollar since the US election, despite wild swings in the greenback and increasing predictions by analysts that the central bank would buckle. The PBOC set the fixing at a one-week high on Tuesday, pushing back against a widespread selloff versus the dollar after Trump took to social media to promise fresh tariffs. The combination of tariff threats from the US and currency control by China's central bank offers traders a reminder of the tug-of-war that took place during Trump's first term. But this time around, the stakes are even higher: China is balancing a desire to protect its currency with a need to get economic growth
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